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Binance’s Bribery Claim ‘False’, Diversionary Tactics – Nigerian Govt

3 weeks ago
1 min read

Nigerian government has described as “false”, the allegations made by cryptocurrency exchange platform, Binance, that some government officials demanded a $150 million cryptocurrency payment to resolve an ongoing criminal investigation against the company.

According to a blog post that has now gone viral, Binance CEO Richard Teng, who made the allegation, failed to name the said government officials that allegedly demanded the bribe.

However, a statement signed by Rabiu Ibrahim, Special Assistant to the Minister of Information and National Orientation, dismissed the claims as baseless, saying it was a diversionary tactics by Binance to evade the criminal charges it is facing in Nigeria.

It said 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.

Prime Business Africa recalls that a  Binance executive who was on court-sanctioned protective custody fled Nigeria and has been declared wanted.

The statement said that in collaboration with security agencies in Nigeria, Interpol is currently executing an international arrest warrant on the said Binance executive.

“This claim by Binance CEO lacks any iota of substance. It is nothing but a diversionary tactic and an attempted act of blackmail by a company desperate to obfuscate the grievous criminal charges it is facing in Nigeria,” it said.


The government asserted that the bribery claim is part of an orchestrated international campaign by Binance to undermine the Nigerian government, as the company is facing criminal prosecution in multiple countries, including the United States.

Just recently, Binance’s founder and former CEO Changpeng Zhao was sentenced to prison in the US and fined $50 million for similar charges. Additionally, Binance itself is facing potential fines and forfeitures to totaling $4.3 billion in the US.

The government reiterated that Binance will not clear its name in Nigeria through fictional claims and mudslinging media campaigns, adding that the only way to resolve its issues is by submitting to unobstructed investigation and judicial due process.

The statement concluded by affirming that the Nigerian government will continue to uphold its laws and international norms and will not be swayed by any form of blackmail from any entity, local or foreign.

“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.”

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