Nigeria Responds to Binance’s Serious Allegations – Impact on BNB Coin (BNB)

• Nigeria denies allegations of bribery directed by the cryptocurrency exchange Binance.
• Binance CEO, Richard Teng, claims a secret payment was requested from the company to resolve issues in Nigeria.
• Since these allegations emerged, one Binance employee has been held in prison in the country.

Nigeria refutes allegations of bribery by Binance, the world’s largest cryptocurrency exchange, amid escalating tensions and ongoing criminal investigations.

Nigeria Denies Bribery Allegations

The Nigerian government has refuted allegations of bribery directed by Binance, the world’s largest cryptocurrency exchange. The allegations were dismissed as a diversionary tactic aimed at distracting attention from Binance’s operations. The denial came in response to a blog post by Binance CEO Richard Teng, who claimed a “secret” payment was requested from the company to resolve issues in Nigeria. Since these allegations emerged, one Binance employee has been held in prison in the country.

Teng Accuses Unnamed Nigerian Officials

Teng accused unnamed Nigerian government officials of demanding a $150 million cryptocurrency payment to halt the ongoing criminal investigation against Binance. However, Rabiu Ibrahim, a spokesperson for the country’s Ministry of Communications, dismissed these allegations as baseless and a stalling tactic. Binance has yet to respond to these comments.

Dispute Between Binance and Nigeria Escalates

The dispute between Binance and Nigeria escalated with the blocking of the company’s operations and the arrest of two employees in the country. While one employee managed to escape, the other, Tigran Gambaryan, continues to be held in custody on charges of tax evasion, currency speculation, and money laundering. His trial is expected to begin this month.

Teng’s Blog Post Details Meeting with Nigerian Officials

Teng’s blog post detailed a meeting with Nigerian officials in Abuja in early January, where Binance faced allegations of crime. Teng claimed that after the meeting, Binance staff were offered a payment to resolve the allegations by “unknown individuals”. The company’s lawyer was later presented with a request for a significant cryptocurrency payment to be made secretly within 48 hours to resolve these issues.

Conclusion

In conclusion, the ongoing dispute between Binance and Nigeria continues to escalate with allegations of bribery and ongoing criminal investigations. As the world’s largest cryptocurrency exchange, Binance’s operations in Nigeria have been under scrutiny for months, particularly due to the role of cryptocurrencies in speculation against the naira, which has lost about 65% of its value against the dollar. This case serves as a reminder of the regulatory challenges faced by cryptocurrency exchanges in different jurisdictions.