Binance CEO Alleges Nigerian Government Demanded $150 Million Bribe to Quash Fraud Charges
The cryptocurrency world has been rocked by startling allegations made by Richard Teng, an executive at global cryptocurrency giant Binance, accusing Nigerian government officials of soliciting bribes amounting to $150 million. Teng disclosed that the Tinubu administration purportedly sought this hefty sum from Binance to mitigate recent fraud charges against the company.
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According to Teng, the demand for the significant payment came shortly after a meeting with Nigerian lawmakers, although it remains unclear if the lawmakers were directly involved in soliciting the alleged bribes. Binance, in its commitment to ethical practices, has vehemently opposed the allegations, asserting their meritless and illegal nature, and refusing to succumb to any form of coercion into making unlawful payments.
In a blog post on Binance’s website, Teng revealed the pressure from the Nigerian government, stating, “A significant payment in cryptocurrency to be paid in secret within 48 hours to make these issues go away.” He emphasized the government’s purported intent to detain an innocent Binance employee and a former U.S. federal agent, citing it as a coercive tactic to control the company.
Binance disclosed that it was instructed to transfer the alleged bribe into a clandestine cryptocurrency account on its exchange, a demand it staunchly rejected, affirming its commitment to ethical business practices.
The ongoing legal battle between Binance and Nigeria escalated following the arrest of Tigran Gambaryan, an official with the crypto giant, in February. Nuhu Ribadu, the national security adviser, attributed the detention to allegations of economic sabotage, including driving down the value of the Nigerian naira. Binance refuted all accusations, maintaining its innocence despite the detainment of Gambaryan.
As Gambaryan faces charges in a federal court in Abuja, pressure mounts on U.S. authorities from his family to intervene and secure his release, emphasizing his innocence in the matter.
The Nigerian government, as well as the parliament committee tasked with probing the charges against Binance, declined to comment on the allegations when approached for clarification.
The cryptocurrency community awaits further developments in this unfolding saga as the legal battle between Binance and Nigeria continues.
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