HomeBinanceNigeria Refutes Binance's Bribery Accusations Amidst Cryptocurrency Dispute

Nigeria Refutes Binance’s Bribery Accusations Amidst Cryptocurrency Dispute

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Nigeria Denies Bribery Accusations by Binance Holdings Ltd, Calls Them a Diversionary Tactic

Nigeria Refutes Binance’s Bribery Accusations, Calls Them a Diversionary Tactic

In a dramatic turn of events, Nigeria has vehemently denied allegations of bribery made by cryptocurrency giant Binance Holdings Ltd. The West African nation has dismissed the claims as a diversionary tactic in an ongoing saga with the company.

The rift between Nigeria and Binance deepened after Binance’s CEO, Richard Teng, published a blog post accusing Nigerian officials of coercive demands for a “secret” payment to resolve issues within the country. Teng’s revelations sparked controversy and strained the already tense relationship between Binance and Nigerian authorities.

The alleged bribery attempts reportedly took place during a meeting between Binance representatives and Nigerian officials in Abuja earlier this year. Teng claimed that Binance staff were approached by unidentified individuals after the meeting, demanding a significant cryptocurrency payment within 48 hours to allegedly settle criminal allegations.

In response to the accusations, the Ministry of Information spokesman, Rabiu Ibrahim, stated, “Teng made false allegations of bribery against unidentified Nigerian government officials who he claimed demanded $150 million in cryptocurrency payments to resolve the ongoing criminal investigation against the company. This claim by Binance CEO lacks any iota of substance. It is nothing but a diversionary tactic.”

The situation escalated further with the detention of Binance employee Tigran Gambaryan, who is facing charges of tax evasion, currency speculation, and money laundering. Gambaryan’s trial is scheduled to begin this month, adding fuel to the legal battle between Binance and Nigerian authorities.

The entanglement between Binance and Nigeria has been further complicated by the detention of another Binance employee, Nadeem Anjarwalla, and the subsequent ban on Binance’s operations in the country. Despite assurances of safe passage, Gambaryan and Anjarwalla were promptly arrested upon their return to Nigeria in late February.

The ongoing saga between Nigeria and Binance continues to unfold, with both parties standing firm in their positions amidst a backdrop of legal and diplomatic tensions.

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