The Nigerian government has refuted allegations of bribery by crypto exchange Binance. These were described as unfounded and as an attempt to divert attention from the company’s legal challenges in the country, according to a press statement released on May 8.
Binance CEO Richard Teng recently claimed that Nigerian officials were demanding $150 million in cryptocurrency to settle an ongoing criminal investigation against the company.
However, Rabiu Ibrahim, Special Assistant to the Minister of Information and National Guidance, dismissed the allegations as “diversion tactics” and “blackmail.”
Serious violations
The Nigerian government said Binance is being investigated for serious crimes including money laundering, terrorist financing and foreign currency manipulation through illicit trading.
It further highlighted that another Binance executive has escaped custody and is now considered a fugitive with an international arrest warrant issued by Interpol.
The government reiterated its commitment to follow lawful processes and urged Binance to respect legal proceedings rather than engage in public relations maneuvers.
The statement concluded by emphasizing that the Nigerian government will not succumb to any form of blackmail from any entity, local or foreign.
Executives arrested
Amid the bribery allegations, Teng has also drawn attention to the detention of Tigran Gambaryan, a US citizen and head of Binance’s financial crime counter department, who was apprehended upon his arrival in Abuja on February 26.
Teng condemned Gambaryan’s detention as a tactic to control Binance, stating that the executive was in Nigeria as a “functional expert” rather than as a negotiator or decision-maker.
The controversy comes as Nigeria intensifies its regulatory measures against crypto trading to protect its currency, the Naira, from manipulation.
In recent months, the Nigerian government has ordered telecommunications providers to restrict local crypto users’ access to trading platforms such as Binance and OctaFX. Moreover, authorities have accused cryptocurrency exchange Binance of facilitating transactions worth billions, further exacerbating pressure on the Naira.
Nigeria’s Securities and Exchange Commission also recently announced plans to remove the Naira from peer-to-peer trading platforms as part of a broader crackdown on crypto trading, which has been accused of adding volatility to the foreign exchange market.