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May 8, 2024
According to the report, Teng made the allegation in a blog on Monday, detailing how the platform tried to engage with Nigerian authorities and had a meeting in Abuja on January 8, 2024.
The Nigerian government has attacked the global crypto trading platform, Binance Holdings Ltd and its Chief Executive Officer, Richard Teng, over the allegation that government officials asked for a bribe to make the case against the platform and two of its executives go away.
SaharaReporters had published a Bloomberg report that Teng alleged that Nigerian authorities demanded $150 million in cryptocurrency as a bribe to make the money laundering trial initiated against the company and two of its executives go away.
Binance, its officials Tigran Gambaryan, a U.S. citizen and head of financial crime and Nadeem Anjarwalla, a British Kenyan, are facing trial for laundering more than $35 million.
The suit was filed by Nigeria's anti-graft agency, the Economic and Financial Crimes Commission (EFCC).
According to the report, Teng made the allegation in a blog on Monday, detailing how the platform tried to engage with Nigerian authorities and had a meeting in Abuja on January 8, 2024.
“As our employees were leaving the venue, they were approached by unknown persons who suggested to them to make a payment in settlement of the allegations,” Teng wrote.
After that incident, Binance’s lawyer was “presented with a demand for a significant payment in cryptocurrency to be paid in secret within 48 hours to make these issues go away,” Teng wrote.
The amount in question was $150 million (N207,304,500,000), the New York Times reported separately, without revealing the identities of those involved.
In a statement issued on Wednesday by the Special Assistant to the Minister of Information and National Orientation, Rabiu Ibrahim, President Bola Tinubu’s administration accused Binance of attempting to launder its image as an organisation that does not play by the rules and laws guiding business conduct in sovereign nations.
Ibrahim stated that the claim by Binance CEO lacks any iota of substance, adding, “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.
He said, “The facts of this matter remain that Binance is being investigated in Nigeria for allowing its platform to be used for money laundering, terrorism financing, and foreign exchange manipulation through illegal trading.
“While this lawful investigation was going on, an executive of Binance, who was in court-sanctioned protective custody, escaped from Nigeria, and he is now a fugitive from the law.
“Working with the security agencies in Nigeria, Interpol is currently executing an international arrest warrant on the said fugitive.
“The phantom bribe claim is part of an orchestrated international campaign by this company that is facing criminal prosecution in many countries including the United States, to undermine the Nigerian government.
“Just a week ago, the founder and former CEO of Binance, Changpeng Zhao, was sentenced to prison in the United States, after pleading guilty to charges very similar to what Binance is being investigated for in Nigeria.
“In addition, Zhao agreed to pay a fine of $50 million, while Binance is liable for $4.3 billion in fines and forfeitures to the US Government.
“We would like to remind Binance that it will not clear its name in Nigeria by resorting to fictional claims and mudslinging media campaigns. The only way to resolve its issues will be by submitting itself to unobstructed investigation and judicial due process.
“The government of Nigeria will continue to act within its laws and international norms and will not succumb to any form of blackmail from any entity, local or foreign.”
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