Nigeria Denies Bribery Allegations from Binance, Labels Claims as Diversionary Tactic

In a recent exchange of accusations between Nigeria and Binance Holdings Ltd, the West African nation firmly rebuked allegations of bribery leveled against it by the cryptocurrency giant.

The dispute escalated following a blog post by Binance Chief Executive Officer Richard Teng, claiming that Nigerian officials demanded a $150 million bribe to settle ongoing legal issues faced by the company.

The Ministry of Information spokesman, Rabiu Ibrahim, denounced the accusations made by Teng, dismissing them as baseless and a mere attempt to divert attention away from Binance’s own legal predicaments.

Ibrahim said the claims lacked any credible evidence and were merely a part of Binance’s strategy to deflect scrutiny from its operations.

The allegations surfaced amidst a backdrop of strained relations between Nigeria and Binance following the detention of two Binance employees in the country. One employee managed to escape custody, while the other, Tigran Gambaryan, remains detained, facing charges related to tax evasion, currency speculation, and money laundering.

According to Teng’s blog post, Binance representatives were allegedly approached by unidentified individuals after a meeting with Nigerian officials, demanding a substantial payment in cryptocurrency to resolve the legal issues swiftly.

However, Nigerian authorities vehemently denied these claims, stating that they were part of an orchestrated campaign by Binance to undermine the government’s credibility.

The Nigerian government further criticized Binance for its alleged involvement in criminal activities across multiple countries, including the United States.

Ibrahim said the country would not succumb to Binance’s attempts to tarnish its reputation through fictitious claims and media campaigns.

The escalating tensions between Nigeria and Binance come at a time when the cryptocurrency exchange is facing legal challenges globally.

Binance founder Changpeng Zhao was recently sentenced to four months in prison in the United States for regulatory violations, further complicating the company’s legal woes.

In Nigeria, Binance has been under scrutiny for its role in cryptocurrency speculation against the national currency, the naira, which has experienced significant depreciation in recent months.

The Nigerian Securities and Exchange Commission announced plans to ban person-to-person cryptocurrency trading in the naira, signaling increased regulatory scrutiny on the cryptocurrency sector.