Connect with us

Hi, what are you looking for?


Nigeria Pushes Back Against Binance, Claims CEO’s Bribe Allegation ‘Lacks Any Iota of Substance’

Nigeria has fired back at Binance Holdings’ bribe accusation, claiming it’s a distraction to shift focus away from the exchange’s actions.

The statement on Wednesday followed Binance CEO Richard Teng’s blog post, where he accused a Nigerian government official of pressuring crypto representatives to accept a secret agreement. This agreement would supposedly settle claims the Nigerian government has against the exchange.

“Teng made false allegations of bribery against unidentified Nigerian government officials who he claimed demanded $150m in cryptocurrency payments to resolve the ongoing criminal investigation against the company,” the Ministry of Information spokesman Rabiu Ibrahim said.

He added that the Binance CEO’s claim “lacks any iota of substance.” He also described it as a “diversionary tactic and an attempted act of blackmail.”




The Federal Government of Nigeria is aware of attempts by Binance to launder its impaired image as an organisation that does not play by the rules and laws…

— Mohammed Idris, FNIPR (@HMMohammedIdris) May 8, 2024

The exchange “will not clear its name in Nigeria by resorting to fictional claims and mudslinging media campaigns,” he added. “The only way to resolve its issues will be by submitting itself to unobstructed investigation and judicial due process.”

Binance didn’t return Cryptonews’ request for comment by press time.

Binance Employees Allegedly Threatened, Offered Secret Deal

According to Teng, Nigeria’s House Committee on Financial Crimes (HCFC) threatened to arrest Binance employees and bar them from leaving the country.

After leaving the HCFC meeting, unidentified individuals reportedly approached Binance employees, offering to resolve the situation through a secret payment. The New York Times reported this $150m “settlement” originated within the Nigerian government.

Detained Execs, Blocked Access

The conflict began on Feb. 26 when executives Tigran Gambaryan and Nadeem Anjarwalla traveled to Abuja to address the Binance-Nigerian government dispute. However, Gambaryan and Anjarwalla were detained in Nigeria for two weeks in March without justification and later faced money laundering and tax evasion charges.

Anjarwalla escaped soon after, but was recaptured in Kenya, nearly 3,000 miles away, in late April.

Nigeria’s government had ordered the country’s telecoms to block access to Binance and other cryptocurrency exchanges. They justified this action by citing concerns about the devaluation of the Nigerian currency, the naira, and alleged involvement of the exchanges in illegal money transfers.

Reports indicate Nigeria’s government is angry about capital flowing out of the country due to the crypto exchange. This has worsened the African nation’s financial problems.

The post Nigeria Pushes Back Against Binance, Claims CEO’s Bribe Allegation ‘Lacks Any Iota of Substance’ appeared first on Cryptonews.

You May Also Like


Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share...


Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...


NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...


The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the-company.

Copyright © 2024