Binance CEO, Richard Teng, has made startling allegations against Nigerian officials, claiming they sought a $150 million bribe to resolve a legal dispute involving the cryptocurrency exchange.
Teng’s accusations come amidst a tumultuous period for Binance, which has been embroiled in a contentious legal battle with the Nigerian government.
The company’s compliance officer, Tigran Gambaryan, was arrested in February along with a colleague, Nadeem Anjarwalla, on charges of tax evasion and money laundering.
The saga began during a trip to Nigeria in January when Gambaryan and his Binance colleagues were confronted with a demand for the exorbitant sum, allegedly from members of the Nigerian government.
Gambaryan, a former U.S. law enforcement agent, interpreted the message as a thinly veiled attempt at soliciting a bribe.
According to sources familiar with the matter, the demand was made shortly after Nigerian legislators accused Binance of tax violations and threatened to arrest its employees.
Gambaryan, in a bid to address the issue, wrote a detailed report describing the payment request and alerted contacts within the Nigerian government.
Despite Gambaryan’s efforts to navigate the situation diplomatically, tensions escalated, leading to his and Anjarwalla’s arrest upon their return to Nigeria in February.
Gambaryan has since been held in Kuje prison, while Anjarwalla managed to escape the country shortly after.
In a blog post, Teng lambasted the Nigerian government’s actions, accusing officials of resorting to coercion and intimidation tactics.
He condemned the alleged demand for a bribe as a blatant abuse of power and an attempt to stifle Binance’s operations in the country.
The Nigerian government has refuted Teng’s claims, maintaining that it will pursue the case against Binance based on facts and evidence.
A spokesman for Nigeria’s national security adviser reiterated the government’s commitment to upholding the rule of law and ensuring justice is served.
Teng’s accusations have brought renewed scrutiny to Binance’s operations in Nigeria, a country that has emerged as a significant market for the cryptocurrency industry.
Despite facing regulatory challenges, Nigeria boasts one of the highest rates of crypto adoption globally, second only to India.
As the legal battle between Binance and the Nigerian government continues to unfold, stakeholders are closely monitoring the developments, mindful of the potential implications for the broader cryptocurrency landscape in Nigeria and beyond.
