Nigeria: Reps Criticise Binance over Bribery Allegations
The Federal Government has described allegations by the cryptocurrency exchange giant, Binance, that some officials demanded a $150m bribe to settle the criminal charge filed against the firm, as blackmail.
The Minister of Information and National Orientation, Mohammed Idris, in a statement, dismissed the claims as baseless and part of a wider attempt by Binance to evade accountability for alleged criminal activities.
Recall that Binance’s Chief Executive Officer, Richard Teng, accused unidentified individuals of demanding $150 million in cryptocurrency, purportedly on behalf of officials, to resolve a tax evasion and money laundering case involving Binance and its officials.
The CEO, Teng, claimed in a New York Times post that this demand was made shortly after a meeting between Binance officials and lawmakers on January 8, 2024.
The House of Representatives has refuted these allegations, denying any involvement in or acceptance of bribes from the cryptocurrency platform.
They assert that the accusations could tarnish the reputation of the House and its members, emphasizing that no committees met with Binance executives as alleged by Teng.
Teng, in his article, however, claimed that the purported agent demanded “a significant payment in cryptocurrency to be paid in secret within 48 hours to make the issues go away.”
Reacting to the allegations, the minister noted that the investigation against Binance in Nigeria centred on allegations of money laundering, terrorism financing, and illegal trading activities facilitated through its platform, stressing that it would not succumb to blackmail or coercion.
The minister said, “This claim by Binance CEO lacks an 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.
'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, therefore, pledged to address the legal issues surrounding Binance operations in the country.
“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,” he added.
