Nigerian authorities have refuted allegations made by Binance’s CEO, Richard Teng, dismissing them as a “diversionary tactic” and an “act of blackmail” aimed at undermining Nigeria’s ongoing criminal charges against the company.
Binance, recognised as the world’s largest cryptocurrency exchange, is facing separate trials on charges of tax evasion and money laundering exceeding $35 million, which the company is contesting. Binance is being tried along with two of its executives,
In a recent blog post, Teng accused unidentified Nigerian officials of soliciting a $150 million cryptocurrency bribe to halt investigations. However, Nigeria’s Information Ministry spokesperson Rabiu Ibrahim rebuffed these claims, stating they “lack any iota of substance” and accused Binance of attempting to disrupt the country’s legal proceedings.
“It is nothing but a diversionary tactic and an attempted act of blackmail by a company desperate to obfuscate the grievous criminal charges it is facing in Nigeria,” Ibrahim remarked.
Nigerian authorities maintain that Binance is under investigation for alleged involvement in money laundering, terrorism financing, and illegal trading, prompting the bribery allegations to be viewed as part of a wider campaign by Binance to discredit ongoing investigations.
Binance has not yet commented on the latest developments. However, in a previous statement, the company accused Nigeria of setting a perilous precedent after its executives were detained during talks as part of a crypto industry crackdown.
The dispute between Nigeria and Binance has already seen the cryptocurrency exchange cease operations in the country. In early March, Binance announced the suspension of all transactions and trading in the naira.
Nigeria has attributed its currency challenges to Binance, pointing to cryptocurrency websites as preferred platforms for trading the Nigerian naira amidst chronic dollar shortages.
