Binance Bribery Allegations: Nigeria Fires Back

Nigerian Government Denies Claims

Nigeria has vehemently denied bribery allegations made by Binance, the world’s largest cryptocurrency exchange. According to the Nigerian Ministry of Information, the allegations are “baseless” and “a diversionary tactic” to shift attention away from Binance’s own activities.

Binance’s Accusations

Binance CEO Richard Teng claimed that Nigerian officials demanded a $150 million cryptocurrency payment to settle an ongoing criminal investigation. Teng alleged that unknown individuals approached Binance staff after a meeting with Nigerian officials and demanded payment within 48 hours.

Nigerian Scrutiny of Cryptocurrencies

The Nigerian government has been intensifying its scrutiny of cryptocurrencies, concerned about their role in the depreciation of the local currency. The Securities and Exchange Commission has banned person-to-person cryptocurrency trading in the naira and plans to implement new regulations for the sector.

Binance’s Legal Troubles

Binance has faced legal challenges in multiple countries, including the United States. Binance founder Changpeng Zhao was sentenced to four months in prison in the US for failing to prevent cybercriminals and terrorist groups from using the platform. The exchange also agreed to pay $4.3 billion to resolve allegations raised by US authorities.

Binance’s Response

Binance has not yet responded to the Nigerian government’s accusations and denials. It remains to be seen how the exchange will address the situation or provide further clarification regarding the allegations.