Nigerian Authorities Deny Binance’s Bribery Allegations Amid Ongoing Legal Dispute

Nigerian authorities have vehemently refuted allegations made by Binance Holdings Ltd.’s CEO, Richard Teng, accusing them of soliciting bribes. Teng’s claims, described as a “diversionary tactic” and an “act of blackmail,” were dismissed by the Nigerian Information Ministry spokesperson, Rabiu Ibrahim, as lacking substance and intended to undermine the country’s legal proceedings against the cryptocurrency exchange.

Binance, the world’s largest crypto exchange, and two of its executives are facing separate trials in Nigeria on charges related to tax evasion and money laundering totalling over $35 million. Tigran Gambaryan, the head of financial crime compliance, remains in custody, while Nadeem Anjarwalla has fled the country.

Also Read: Binance Executive Reportedly Escapes Custody in Nigeria

In a blog post, Teng accused unidentified “Nigerian officials” of demanding a $150 million cryptocurrency bribe to halt investigations into the company. However, Ibrahim countered these allegations, asserting that Binance is being investigated for alleged involvement in money laundering, terrorism financing, and foreign exchange manipulation through illegal trading.

Nigerian authorities framed the bribery accusations as part of a broader campaign by Binance to discredit ongoing investigations, pointing to similar legal challenges faced by the company in the United States. Binance, in response, criticised Nigeria for detaining its executives during a crackdown on the crypto industry, stressing the need for a transparent and fair legal process.

The dispute between Nigeria and Binance has already led to the closure of the exchange’s operations in the country. Nigeria had previously blamed Binance for exacerbating currency issues by facilitating trading of the Nigerian Naira on cryptocurrency platforms amid dollar shortages.

Meanwhile, Binance reiterated its call for the release of its detained employee and emphasised the importance of due process. The incident in Nigeria adds to the legal woes faced by Binance, including recent regulatory actions in the United States.