FG Speaks as Binance CEO Alleges Nigerian Officials Asked for Bribe to Settle Case

• The CEO of the cryptocurrency platform, Richard Teng, has alleged that Nigerian government officials demanded a bribe to settle its case
• Teng disclosed in a blog post that the officials allegedly asked the company to make the payment in crypto
• However, the Nigerian government has debunked the allegations, calling them diversional and untrue

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.

Binance Holdings Limited has said Nigerian government officials demanded a significant amount to make its problems with the government disappear.

The development came as the company called for the release of its official, who was still detained in Nigeria.

FG officials allegedly demanded $150 million bribe

Binance CEO Richard Teng disclosed this in a blog post, detailing how the crypto company tried to interface with the Nigerian authorities, including a January meeting in Abuja, where the government presented it with criminal allegations.

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According to Teng, unknown persons approached the company's employees and suggested that they pay to settle the allegations.

The Binance CEO stated that its lawyers were given a list of demands for a significant crypto payment to be paid in secret within 48 hours to resolve the issues.

A report by the New Times said the bribe was about $150 million.

The platform has been in a running battle with the Nigerian government after it was accused of speculative activities, contributing to the fall in the value of the naira against the dollar.

The impasse led Binance to turn off the naira feature on the platform while the Nigerian government asked internet providers to block the platform in the country.

FG denies Binance claims

Responding to Binance allegations, the Nigerian government accused the platform of blackmail.

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The minister of Information and National Orientation, Mohammed Idris, dismissed the bribery allegation as distracting, The Nation reports.

The minister said that the claims were false and lacked substance.

He asked the company to submit itself to due judicial process instead of embarking on fictional claims and misleading media campaigns.

The statement said:

“In a blog post that has now been published by many international media organizations, in an apparent well-coordinated public relations effort, Binance Chief Executive Officer Richard Teng made false allegations of bribery against unidentified Nigerian government officials who he claimed demanded $150m in cryptocurrency payments to resolve the ongoing criminal investigation against the company.

FG moves to delist naira from P2P platforms

Legit.ng previously reported that the Nigerian government plans to track and delist the naira feature from all Peer-to-Peer crypto platforms to reduce the manipulation of the local currency in the foreign exchange market.

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The director general of the Securities and Exchange Commission (SEC), Emomotimi Agama, disclosed this during an interactive session with the Nigerian Blockchain Industry.

He said the move is expected to be part of guidelines that will be rolled out in the coming days as Nigeria tightens regulation on the crypto industry.

Source: Legit.ng