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.

Amidst growing concerns over the proliferation of illicit activities and market manipulation in Nigeria’s cryptocurrency space, the Securities and Exchange Commission (SEC) is gearing up to enforce stricter regulations.

Dr. Emomotimi Agama, the Acting Director-General of the SEC, recently convened a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), signaling a decisive shift in the regulatory landscape.

One of the key measures under consideration is the removal of the naira as a currency pair from cryptocurrency peer-to-peer (P2P) platforms.

Agama highlighted the surge in P2P crypto trading, which has reportedly impacted the stability of the naira’s exchange rate.

The SEC is contemplating delisting the naira from these platforms to curb market manipulation and protect the integrity of the Nigerian capital market.

During the meeting, Agama emphasized the SEC’s commitment to enforcing the Investments and Securities Act of 2007 rigorously.

He underscored the need for all market participants to adhere to established legal frameworks, irrespective of the technological advancements in digital assets.

The proposed regulatory measures represent a significant departure from the SEC’s previous approach to cryptocurrency oversight.

Unlike past administrations, which adopted a more lenient stance, the current leadership is poised to issue guidelines aimed at making crypto trading more stringent in Nigeria.

Agama’s call for the removal of the naira from P2P platforms underscores the SEC’s determination to address market distortions effectively.

The move reflects the Commission’s resolve to foster transparency and accountability in the cryptocurrency space while safeguarding national economic interests.

In addition to considering the delisting of the naira, the SEC is in the process of developing comprehensive regulatory guidelines for the digital asset sector.

These guidelines, crafted in consultation with various stakeholders, will cover a wide range of crypto-related activities, including wallet services, digital asset custody, and fund management.

Agama urged the cryptocurrency community to cooperate in identifying and addressing harmful practices within the market.

He stressed the importance of collaboration and openness in achieving a transparent and thriving digital asset environment, aligning with the government’s agenda for the fintech sector.

The SEC’s push for stricter cryptocurrency measures comes amid heightened regulatory scrutiny and concerns over illicit activities in the crypto space.

Recent actions by regulatory authorities, including the classification of cryptocurrency trading as a national security issue and directives to fintech startups to block crypto-related transactions, underscore the government’s resolve to clamp down on crypto-related abuses.

As Nigeria navigates the evolving regulatory landscape for cryptocurrencies, stakeholders await further developments from the SEC and anticipate the rollout of the proposed regulatory guidelines.

The outcome of these efforts will likely shape the future trajectory of the country’s crypto industry and its integration into the broader financial ecosystem.

Dogecoin, Shiba Inu, and NEAR Protocol have seen impressive gains ranging from 5% to 10%, igniting optimism among investors after a period of volatility.

Dogecoin, the meme-inspired digital currency, surged by 5% to add to its recent momentum while Shiba Inu, another popular meme coin, followed suit with a 10% jump.

NEAR Protocol, a blockchain platform focusing on decentralized applications, also joined the rally with a solid 5% increase.

This surge comes on the heels of Bitcoin’s resurgence, which saw a nearly 5% gain to briefly break the $62,000 price level.

Ethereum, the second-largest cryptocurrency by market capitalization, reclaimed the $3,000 level, further bolstering confidence in the market.

The rally was spurred by the release of the U.S. April jobs report, which showed the addition of 175,000 jobs, falling short of the expected 245,000.

This unexpected development eased concerns about higher interest rates, prompting a positive response from cryptocurrency investors.

Market analysts pointed out that the softer-than-expected jobs data led to an increase in the likelihood of at least one rate cut by September, according to CME FedWatch data.

This dovish sentiment, coupled with the Federal Reserve’s indication of no immediate interest in cutting rates, contributed to a more favorable environment for cryptocurrencies.

Moreover, Coinbase analysts highlighted the recent Federal Open Market Committee (FOMC) meeting, where policymakers tapered the pace of the central bank’s balance sheet runoff, signaling a more dovish stance.

This move was interpreted as a positive signal for both fiat and cryptocurrency markets.

Arthur Hayes, former CEO of BitMEX, expressed confidence in Bitcoin’s recent performance, suggesting that it may have bottomed out at $56,000.

However, he cautioned investors to expect a gradual recovery rather than a swift ascent to previous highs.

Hayes forecasted a period of range-bound price action between $60,000 and $70,000 until August.

As the cryptocurrency market continues to navigate through fluctuations, the recent rebound in Dogecoin, Shiba Inu, and NEAR Protocol reflects a renewed sense of optimism among traders, fueled by positive developments in the broader financial landscape.