Nigeria recently responded to accusations made by Binance Holdings regarding alleged bribery attempts by the Nigerian government. Binance CEO Richard Teng claimed that a Nigerian government official pressured crypto representatives to accept a secret agreement to settle claims against the exchange. The Nigerian Ministry of Information refuted these claims, calling them false, lacking substance, and an attempt to divert attention away from the exchange’s actions. The Ministry stated that Binance should submit itself to investigation and judicial due process to resolve the issues at hand.
The Nigerian government’s response came in the form of a statement, emphasizing that Binance’s attempts to clear its name through fictional claims and media campaigns will not succeed. The government highlighted the need for the exchange to cooperate with investigations and legal processes to address the allegations against it. Binance did not immediately respond to requests for comment on the matter, leaving the situation unresolved and raising questions about the exchange’s future operations in Nigeria.
Binance employees reportedly faced threats of arrest and travel restrictions from Nigeria’s House Committee on Financial Crimes during a meeting. Following the meeting, individuals approached Binance employees, offering to resolve the situation through a secret payment of $150 million. This alleged settlement proposal was said to have originated within the Nigerian government, according to reports. The situation escalated when two Binance executives were detained in Nigeria without justification and later faced charges of money laundering and tax evasion.
The conflict between Binance and the Nigerian government began in February when executives Tigran Gambaryan and Nadeem Anjarwalla visited Abuja to address the dispute. Gambaryan and Anjarwalla were detained for two weeks, and Anjarwalla managed to escape but was later recaptured in Kenya. The Nigerian government ordered telecoms to block access to Binance and other cryptocurrency exchanges, citing concerns about the devaluation of the naira and alleged illegal money transfers. Nigeria’s financial problems have been exacerbated by capital flowing out of the country through crypto exchanges, leading to tensions between the government and these platforms.
Overall, the situation between Binance and the Nigerian government has escalated, with accusations of bribery, threats, and legal issues clouding the relationship. The government has refuted the bribery claims and called for Binance to cooperate with investigations. The exchange’s future in Nigeria remains uncertain as both sides stand their ground on their respective positions. The conflict highlights the challenges faced by cryptocurrency exchanges operating in countries with strict regulations and government oversight, emphasizing the need for cooperation and transparency to address issues effectively.
