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Nigeria Denies Binance Bribery Allegations
The Nigerian government has unequivocally rejected bribery accusations levied by crypto giant Binance, denouncing them as groundless and a mere diversion from the company’s ongoing legal conflicts in the nation. As reported in a press release on May 8, allegations surfaced following Binance CEO Richard Teng’s claim that Nigerian authorities solicited a $150 million crypto payment to settle a criminal probe into the exchange.
Government Response
In response to these allegations, Rabiu Ibrahim, the Special Assistant to the Minister of Information and National Orientation, categorically dismissed the claims as ploys aimed at obfuscation and extortion. The Nigerian government has underscored that Binance is under scrutiny for severe transgressions, including money laundering, terrorism financing, and illicit manipulation of foreign currency through unauthorized trading.
Moreover, the government revealed that a high-ranking Binance executive managed to flee custody and is presently being pursued as a fugitive, with Interpol issuing an international warrant for their arrest. Highlighting its commitment to due process, the government urged Binance to respect legal proceedings rather than resorting to publicity stunts and smear campaigns.
Executive Detention
Amid the bribery allegations, attention has been drawn to the arrest of Tigran Gambaryan, a US national and Binance’s chief of financial crime compliance, who was apprehended upon his entry into Abuja on February 26. Teng has criticized Gambaryan’s detention as a coercive maneuver orchestrated to manipulate Binance.
Teng clarified that Gambaryan’s role in Nigeria was strictly as a subject matter expert, rather than a negotiator or decision-maker. These recent developments come at a time when Nigeria is intensifying its regulatory efforts in the crypto domain to safeguard its currency, the Naira, from potential abuse.
Regulatory Crackdown
In recent months, Nigerian authorities have instructed telecom companies to curtail local access to crypto trading platforms like Binance and OctaFX. Additionally, officials have accused Binance of facilitating multi-billion-dollar transactions that have exacerbated pressure on the Naira.
The Nigerian Securities and Exchange Commission has also announced intentions to eliminate the Naira from peer-to-peer trading venues as part of an overarching crackdown on crypto activities, which are perceived to contribute to currency market volatility. This regulatory tightening further underscores the Nigerian government’s steadfast stance against alleged improprieties in the crypto sector.
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