Nigeria Challenges Binance, Dismisses CEO’s Bribery Allegations

Nigeria’s Response to Binance Bribe Accusation

Nigeria has responded strongly to Binance Holdings’ accusation of bribery, dismissing it as a distraction tactic to divert attention from the exchange’s actions. The statement from the Nigerian government came after Binance CEO Richard Teng’s blog post, where he alleged that a Nigerian government official pressured crypto representatives to accept a secret agreement.

Government Denies Bribery Allegations

The Ministry of Information spokesman, Rabiu Ibrahim, refuted Teng’s claims of bribery, stating that the allegations lack substance and are an attempt to blackmail. The government emphasized that Binance must cooperate with investigations and adhere to judicial due process to resolve the issues.

Threats and Secret Deals

Binance employees were allegedly threatened by Nigeria’s House Committee on Financial Crimes (HCFC) with arrest and travel restrictions. Following a meeting with HCFC, individuals approached Binance employees offering a secret payment to resolve the situation, as reported by The New York Times.

Detained Executives and Access Block

The conflict escalated when Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, were detained in Nigeria without justification. Anjarwalla escaped but was later recaptured in Kenya. The Nigerian government also ordered the blocking of access to Binance and other crypto exchanges, citing concerns about currency devaluation and illegal money transfers.

Financial Impact on Nigeria

Reports suggest that Nigeria’s government is concerned about capital outflows via crypto exchanges, exacerbating the country’s financial challenges. The situation has led to a strained relationship between Binance and the Nigerian government, with implications for the broader cryptocurrency industry.