Nigerian Authorities Refute Binance Bribery Allegations

Nigeria’s Ministry of Information has dismissed as false the bribery allegations against unidentified officials, previously made by the cryptocurrency exchange Binance. This was reported by Bloomberg.

The ministry views this as a diversionary tactic in the ongoing investigation into the platform and an attempt to undermine the country’s government.

“There is not a shred of substance in the statement from Binance’s CEO. The exchange, facing criminal prosecution in many countries, will not clear its name in Nigeria by resorting to fabricated statements and smear campaigns in the media,” noted ministry representative Rabiu Ibrahim.

Members of the local crypto community have also expressed doubts about the alleged extortion by Nigerian authorities. Rume Ofi, Executive Secretary of the SiBAN, urged Binance to disclose the identities of the alleged bribe-takers to substantiate its claims in a comment to Cointelegraph.

He cautioned the exchange against unfounded attempts to “tarnish the government’s image,” which could negatively impact the entire cryptocurrency industry in the country.

“Identifying those involved in the alleged bribery will allow the authorities to address any wrongdoing, protecting the country’s image in the eyes of international exchanges considering Nigeria as a business destination,” Ofi added.

Previously, Binance CEO Richard Teng stated in his blog that “unknown individuals” approached Binance employees, requesting payment to settle accusations in Nigeria. Subsequently, the platform’s lawyer was also presented with a “demand for a secret large cryptocurrency payment within 48 hours to resolve the issues.”

According to a source from The New York Times, the amount in question is $150 million.

Amid the ongoing investigation, Nigeria’s SEC is considering the possibility of banning P2P cryptocurrency trading.

Earlier, Nigerian authorities accused Binance Holdings Limited and two of its top executives, Tigran Gambaryan and Nadeem Anjarwalla, of tax evasion. They insist that individuals used the exchange to launder nearly $21.6 billion.

Binance has been required to provide data on all Nigerian users and their transaction histories. The platform is also obliged to settle any outstanding tax liabilities.

Binance potentially faces a fine of $10 billion. The court case has been adjourned until May 17.

Previously, Richard Teng described Gambaryan’s arrest as a pressure tactic by Nigerian authorities on the exchange.