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Nigeria Denies Binance's Bribery Allegations amidst Crypto Clash

Finance Magnates

Cryptocoins News / Finance Magnates 52 Views

In a rebuttal against accusations of bribery levelled by Binance Holdings Ltd, Nigeria has refuted claims made by the cryptocurrency firm, dismissing them as a diversionary tactic. The West African nation has been involved in a boisterous saga with Binance.

Binance's Allegations of Bribery in Nigeria

The rift deepened following a blog post penned by Binance's Chief Executive Officer, Richard Teng, alleging coercive demands for a "secret" payment to resolve issues within Nigeria. Teng's revelation ignited a firestorm, casting a shadow over the already strained relationship between Binance and Nigerian authorities.

The alleged bribery attempts purportedly occurred during a meeting between Binance representatives and Nigerian officials in Abuja earlier this year. Teng claimed that Binance staff were accosted by unidentified individuals post-meeting, soliciting a significant cryptocurrency payment within 48 hours to ostensibly quell criminal allegations.

“Teng made false allegations of bribery against unidentified Nigerian government officials who he claimed demanded $150 million in cryptocurrency payments to resolve the ongoing criminal investigation against the company,” the Ministry of Information spokesman Rabiu Ibrahim said. “This claim by Binance CEO lacks any iota of substance. It is nothing but a diversionary tactic.”

Binance Employee Detained in Nigeria Faces Multiple Charges

Tigran Gambaryan, a Binance employee, remains in custody facing charges of tax evasion, currency speculation, and money laundering, following his colleague's escape. The trial for Gambaryan is set to commence this month, adding fuel to the ongoing legal skirmish.

Binance's entanglement with Nigerian authorities is further complicated by the detention of two of its employees and the subsequent ban on its operations in the country. Despite assurances of safe passage, Gambaryan and his colleague, Nadeem Anjarwalla, found themselves promptly arrested upon their return to Nigeria in late February.

This article was written by Tareq Sikder at www.financemagnates.com.
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