Nigeria Refutes Binance's Bribery Allegations

Nigeria has firmly rejected bribery accusations from Binance, the world’s largest cryptocurrency exchange, describing them as a diversion from the company's issues. Binance's CEO, Richard Teng, recently claimed that Nigerian officials demanded $150 million in crypto to dismiss a criminal investigation. According to Bloomberg, Rabiu Ibrahim, a spokesperson for the Nigerian Ministry of Information, called these accusations groundless and a tactic to shift attention from Binance's questionable practices. The government emphasized its non-involvement in any corrupt activities.

In his blog, Teng recounted an incident where, after a January meeting about criminal charges, Binance representatives were allegedly approached by unknown individuals demanding a hefty crypto payment to settle the matter. Additionally, Binance employee Tigran Gambaryan was arrested in Nigeria on charges of tax evasion and money laundering, with his trial approaching.

The Nigerian government considers Binance’s allegations part of a broader attempt to damage its reputation internationally. This accusation comes as Nigeria intensifies its scrutiny of cryptocurrencies, citing their role in the naira’s decline. Consequently, Nigeria’s Securities and Exchange Commission has prohibited direct crypto transactions in naira and announced forthcoming regulations.

Meanwhile, Binance is grappling with significant legal issues in the United States, where its founder was recently imprisoned for failing to prevent illegal activities on the platform. The exchange also agreed to a $4.3 billion settlement with US authorities over these violations. Binance has not yet responded to the Nigerian government’s refutation of the bribery claims. The crypto community is keenly observing how Binance will address these allegations and whether it will provide further details.