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There’s more bad news for Binance as it faces an investigation by the Nigerian government for tax evasion. The news came as it was reported one of its executives had fled the country. BlackRock’s spot Bitcoin exchange-traded fund (ETF) is poised to flip that of Grayscale’s Bitcoin Trust ETF within three weeks, based on recent ETF flow data. Meanwhile, the United States government is seeking court approval to sell two forfeited private jets tied to former FTX CEO Sam Bankman-Fried.
Binance executive reportedly escapes detention as Nigeria files tax evasion charges
A Binance executive detained by the Nigerian authorities has reportedly escaped detention using a fake passport, according to reports in a local publication citing sources familiar with the matter.
The news comes as other reports claim the Nigerian government has launched criminal proceedings against the exchange for tax evasion. According to local media, the charges were filed at the Federal High Court in Abuja on Monday.
Nadeem Anjarwalla reportedly flew out of Abuja on a Middle East airline. However, it is unclear how he managed to board the international flight, as his British passport, with which he entered Nigeria, remains in the custody of the Nigerian authorities.
Anjarwalla, the regional manager for Binance in Africa, and Gambaryan, a United States citizen who is the head of Binance’s criminal investigations team, were taken into custody upon their arrival in Nigeria on Feb. 26.
The Nigerian government has taken strict measures against individuals and organizations involved with terrorist financing and money laundering linked to the Binance crypto exchange.
BlackRock’s ETF could flip GBTC in Bitcoin holdings within three weeks
BTC $70,580 in BlackRock’s spot Bitcoin ETF could overtake crypto asset manager Grayscale’s GBTC within the next three weeks.
As of March 22, BlackRock’s Bitcoin ETF held 238,500 BTC on its books — worth $15.5 billion at current prices, but has touted an average daily inflow of approximately $274 million — roughly 4,120 in new Bitcoin entering the fund every day.
Meanwhile, Grayscale’s Bitcoin Trust reports that it still holds an estimated 350,252 BTC — worth $23 billion at current prices. It has been experiencing an average daily outflow of roughly $277 million, or roughly 4,140 BTC daily, over the last fortnight.
Assuming no drastic changes in the rate of the inflows and outflows, BlackRock could overtake Grayscale in terms of total Bitcoin held by April 11.
US gov’t seeks court approval to sell SBF’s private jets
United States prosecutors are seeking court approval to sell two private aircraft tied to Sam Bankman-Fried as part of the ongoing forfeiture proceedings against the former crypto CEO.
According to a March 22 filing with U.S. District Court for the Southern District of New York, prosecutors are looking to sell the Bombardier Global and Embraer Legacy planes “to prevent their devaluation.” Prosecutors argued during SBF’s criminal trial that the aircraft were subject to forfeiture.
The aircraft are collectively worth $28.4 million, court filings show.
Bankman-Fried was founded guilty of seven felony counts in November 2023. He’s currently awaiting sentencing and could face between 40 and 50 years in prison.
