Nigeria Refutes Binance’s Bribe Allegation, Calls it ‘Diversionary’

• Nigeria responds to Binance’s bribe accusation, calling it a diversionary tactic.
• Binance CEO Richard Teng had earlier accused a Nigerian government official of a secret agreement proposal to settle claims against the exchange.
• The Nigerian government maintains that the only resolution lies in Binance submitting to an unobstructed investigation and judicial due process.

In a recent development, Nigeria has refuted allegations of bribery made by Binance CEO Richard Teng, terming them as ‘diversionary’. This article delves into the ongoing dispute between Binance and the Nigerian government.

Nigeria’s Response to Binance’s Bribe Allegation

Nigeria has countered Binance Holdings’ bribe accusation, terming it as a distraction from the exchange’s actions. The response came after Binance CEO Richard Teng’s blog post, where he accused a Nigerian government official of pressuring crypto representatives to accept a secret agreement. This agreement, according to Teng, would settle the claims the Nigerian government has against the exchange.

Accusations of Bribery and Diversionary Tactics

Teng alleged that unidentified Nigerian government officials demanded $150m in cryptocurrency payments to resolve the ongoing criminal investigation against the company. However, Rabiu Ibrahim, the Ministry of Information spokesman, refuted these claims, stating that they lack any substance. He further described Teng’s allegations as a diversionary tactic and an attempt at blackmail.

Binance Employees Allegedly Threatened

According to Teng, Nigeria’s House Committee on Financial Crimes (HCFC) threatened to arrest Binance employees and bar them from leaving the country. After the HCFC meeting, unidentified individuals reportedly approached Binance employees, offering to resolve the situation through a secret payment. The New York Times reported that this $150m “settlement” originated within the Nigerian government.

Detained Executives and Blocked Access

The conflict began on Feb. 26 when executives Tigran Gambaryan and Nadeem Anjarwalla traveled to Abuja to address the Binance-Nigerian government dispute. However, they were detained in Nigeria for two weeks in March without justification and later faced money laundering and tax evasion charges. Anjarwalla managed to escape but was recaptured in Kenya, nearly 3,000 miles away, in late April.

The Nigerian government had ordered the country’s telecoms to block access to Binance and other cryptocurrency exchanges. They justified this action by citing concerns about the devaluation of the Nigerian currency, the naira, and alleged involvement of the exchanges in illegal money transfers.

Conclusion

The ongoing dispute between Binance and the Nigerian government highlights the complexities and challenges of the rapidly evolving crypto landscape. As the situation unfolds, it underscores the need for clear regulations and transparent dealings in the crypto space. It remains to be seen how this conflict will be resolved and what implications it will have on the crypto industry at large.