Crisis Deepens for Binance in Nigeria: Allegations of Bribery and Legal Troubles
The crisis facing the crypto exchange Binance in Africa has taken a dramatic turn with allegations of bribery and corruption involving Nigerian officials. Binance CEO Richard Teng has accused Nigerian officials of demanding a bribe of up to $150 million in cryptocurrency to settle the exchange’s legal issues with the state.
The Nigerian government has denied the allegations, calling them a deflection attempt and stating that the case against Binance will proceed according to the rule of law. Binance and two of its executives have been charged with money laundering and tax evasion, which they have denied.
The situation has sparked a frenzy in Nigeria’s crypto community, with some calling on Binance to provide evidence to support their claims or refrain from tarnishing the government’s reputation. A secret investigation is reportedly underway to look into the bribery allegations and possible connections to the escape of one of Binance’s executives from custody.
The conflict between Binance and the Nigerian government began earlier this year when the government blamed crypto trading for the country’s currency woes. Binance eventually exited the Nigerian market, leading to a shift in P2P trading to other exchanges. Despite these measures, the naira has continued to weaken against the US dollar, raising concerns about the country’s economic stability.
The bribery allegations have added fuel to the fire in the ongoing legal crisis between Binance and Nigeria, highlighting the challenges facing the crypto industry in the country. The situation remains tense as both sides dig in their heels, setting the stage for a potentially long and contentious legal battle.