‘False, Diversionary’: Nigeria Denies Bribery Allegation by Binance Executive

According to a recent press statement issued by the Special Assistant to the Minister of Information and National Orientation, Rabiu Ibrahim, the Nigerian government has denounced allegations made by Binance regarding bribery attempts involving Nigerian officials and have said the claims are unfounded.

The statement addresses a blog post by Binance CEO Richard Teng, which alleges that Nigerian government officials demanded a $150 million cryptocurrency payment to resolve a criminal investigation against the company.

“The Federal Government of Nigeria is aware of attempts by Binance to launder its impaired image as an organisation that does not play by the rules and laws guiding business conduct in sovereign nations.

“In a blog post that has now been published by many international media organisations, 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.

“The facts of this matter remain that Binance is being investigated in Nigeria for allowing its platform to be used for money laundering, terrorism financing, and foreign exchange manipulation through illegal trading.”

The statement adds that Binance is under investigation for alleged involvement in money laundering, terrorism financing, and illegal trading practices. The company’s troubles escalated when an executive, who was under court-sanctioned protective custody, fled Nigeria, becoming a fugitive from the law. Interpol is now executing an international arrest warrant for the individual.

Furthermore, the government asserts that Binance’s bribery allegations are part of a broader international campaign aimed at undermining Nigeria’s legal processes. The statement points out that Binance’s founder and former CEO, Changpeng Zhao, recently faced legal consequences in the United States for similar charges, including a hefty fine.

“Just a week ago, the founder and former CEO of Binance, Changpeng Zhao, was sentenced to prison in the United States, after pleading guilty to charges very similar to what Binance is being investigated for in Nigeria. In addition, Zhao agreed to pay a fine of $50 million, while Binance is liable for $4.3 billion in fines and forfeitures to the US Government.”

The government emphasises its commitment to upholding the rule of law and judicial due process, urging Binance to cooperate with investigations rather than resorting to fabricated claims and media manipulation. It asserts that Nigeria will not yield to blackmail from any entity, domestic or foreign.

“We would like to remind Binance that it will not clear its name in Nigeria by resorting to fictional claims and mudslinging media campaigns. The only way to resolve its issues will be by submitting itself to unobstructed investigation and judicial due process.

“The government of Nigeria will continue to act within its laws and international norms and will not succumb to any form of blackmail from any entity, local or foreign.”

Melissa Enoch

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