- Nigeria has dismissed bribery allegations made by Binance, the world’s largest cryptocurrency exchange.
- Binance’s CEO, Richard Teng, claimed that the Nigerian government demanded a $150 million cryptocurrency payment to settle an ongoing criminal investigation.
- The Nigerian government has been intensifying its scrutiny of cryptocurrencies, attributing part of the local currency’s decline to foreign exchange control adjustments and increased volatility.
The Nigerian government denies bribery allegations made by Binance, the world’s largest cryptocurrency exchange, amidst an ongoing criminal investigation. This comes as Nigeria intensifies its scrutiny of cryptocurrencies and their impact on the local economy.
Nigerian Government Slams Binance’s Bribery Claims
According to Bloomberg, Nigerian Ministry of Information spokesman Rabiu Ibrahim dismissed Teng’s bribery allegations as baseless and lacking substance. Ibrahim stated that the Binance CEO’s claim was a mere diversionary tactic aimed at shifting focus away from the cryptocurrency exchange’s activities. The Nigerian government firmly denies involvement in any bribery attempts.
Binance’s Allegations and Nigeria’s Response
According to Teng’s blog post, Binance attended a meeting with Nigerian officials in January, during which criminal allegations were raised against the company. Teng claimed that as Binance staff left the meeting, they were approached by unknown individuals who demanded a significant cryptocurrency payment within 48 hours to settle the allegations. The Nigerian government dismisses these claims as part of the company’s “orchestrated international campaign” to undermine Nigeria’s reputation.
Nigeria Intensifies Scrutiny Of Cryptocurrencies
The Nigerian government has been scrutinizing the role of cryptocurrencies in the depreciation of the local currency, the naira. The government attributes part of the currency’s decline to foreign exchange control adjustments and increased volatility. To address concerns, the Securities and Exchange Commission banned person-to-person cryptocurrency trading in the naira and indicated that new regulations would be implemented to govern the sector.
Conclusion
The Nigerian government’s dismissal of Binance’s bribery allegations highlights the intensifying scrutiny of cryptocurrencies in the country. With new regulations expected to govern the sector, it remains to be seen how the situation will evolve and what impact it will have on the cryptocurrency market in Nigeria.
