Nigeria Denies Bribery Claims by Binance CEO

Nigerian authorities have vehemently rejected accusations of soliciting bribes from Binance, the world’s largest cryptocurrency exchange. In a statement released Wednesday, the Nigerian Information Ministry refuted claims made by Binance CEO Richard Teng in a blog post.

Teng alleged that unidentified Nigerian officials demanded a $150 million cryptocurrency bribe to dismiss ongoing criminal charges against the company. These charges include tax evasion and money laundering exceeding $35 million, which Binance contests.

Nigerian authorities maintain that the bribery allegations are a deliberate attempt to deflect attention from the serious legal issues facing Binance in the country. Rabiu Ibrahim, spokesperson for Nigeria’s Information Ministry, called Teng’s claims “baseless” and accused Binance of attempting to undermine Nigeria’s legal system.

“The facts remain that Binance is under investigation for facilitating money laundering, financing terrorism, and manipulating foreign exchange through illegal trading activities,” Ibrahim stated.

Nigerian officials believe the bribery accusations are part of a broader strategy by Binance to discredit investigations into its operations. They point to similar legal challenges the company faces in the United States as evidence of this tactic.

Binance has yet to comment on the latest developments, but previously accused Nigerian authorities of setting a dangerous precedent by inviting executives for talks before detaining them. This incident unfolded amidst a wider Nigerian crackdown on the cryptocurrency industry.

The dispute has escalated to the point where Binance has ceased all naira transactions and trading in Nigeria. This decision came after the Nigerian government attributed some of its currency woes to cryptocurrency platforms, which became popular avenues for trading the Nigerian naira as the country grapples with severe dollar shortages.

The clash between Nigerian authorities and Binance highlights the evolving regulatory landscape surrounding cryptocurrencies. As digital currencies gain mainstream adoption, governments around the world grapple with the challenges of establishing effective regulations to prevent financial crimes and protect consumers.