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.

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.