Nigerian authorities have dismissed the claims made by Binance CEO Richard Teng that the government sought a $150 million cryptocurrency bribe to end a criminal investigation against the exchange. Rabiu Ibrahim, spokesperson for the Nigerian Ministry for Communications, has disregarded the allegations, stating that they are baseless and merely a tactic to divert attention away from Binance’s activities in Nigeria.
Teng alleged in his blog that high-ranking officials in Nigeria were demanding a substantial cryptocurrency payment to resolve the ongoing legal disputes surrounding Binance’s operations in the country. The situation escalated, leading to the detention of several Binance employees in Nigeria. However, the most suspicious employee managed to elude capture, while another individual, Binance compliance officer Tigran Gambaryan, was apprehended on charges of tax evasion, foreign exchange speculation, and money laundering. Gambaryan’s trial is scheduled to commence in mid-November.
The implications of Teng’s accusations are far-reaching, as Binance has faced prosecution in multiple countries, particularly in the United States. The Nigerian government’s refusal to acknowledge these allegations highlights the global regulatory pressure faced by cryptocurrency exchanges, particularly in relation to anti-money laundering and tax evasion regulations.
Binance has not yet issued a comment regarding the bribery allegations from Nigeria. The absence of a response leaves room for speculation, making it unclear how the exchange plans to resolve the conflicts with Nigerian authorities.
Nigeria’s increased scrutiny of crypto comes amid growing concerns from the government regarding the role of digital currencies in speculative activities against the Nigerian Naira. The devaluation of the naira has heightened these worries, prompting the government to closely monitor cryptocurrency-related activities in the country.
