Nigeria has strongly refuted Binance Holdings’ accusations of bribery, labeling them as a diversionary tactic aimed at deflecting attention from the exchange’s conduct. The rebuttal came in response to Binance CEO Richard Teng’s recent blog post, in which he alleged that a Nigerian government official had pressured crypto representatives to agree to a secret deal. This deal purportedly aimed to settle ongoing claims that the Nigerian government has against Binance.
Rabiu Ibrahim, a spokesman for the Ministry of Information, dismissed Teng’s claims of bribery, stating that they lacked any credibility. He characterized them as a “diversionary tactic and an attempted act of blackmail.” Ibrahim emphasized that Binance cannot clear its name in Nigeria through fictional accusations and media campaigns, asserting that the only path to resolution would be through transparent investigation and adherence to judicial due process.
Teng alleged that Nigeria’s House Committee on Financial Crimes (HCFC) had threatened to arrest Binance employees and prevent them from leaving the country. Following a meeting with the HCFC, unidentified individuals reportedly approached Binance employees, offering to settle the situation through a clandestine payment. According to reports, this proposed $150 million “settlement” originated from within the Nigerian government.
The conflict between Binance and Nigeria escalated on February 26 when executives Tigran Gambaryan and Nadeem Anjarwalla traveled to Abuja to address the ongoing dispute. However, both Gambaryan and Anjarwalla were detained in Nigeria for two weeks without justification and later faced charges of money laundering and tax evasion.
Anjarwalla managed to escape but was subsequently recaptured in Kenya, nearly 3,000 miles away, in late April.
In response to the dispute, Nigeria’s government instructed the country’s telecoms to block access to Binance and other cryptocurrency exchanges. This move was justified by concerns about the devaluation of Nigeria’s currency, the naira, and allegations of the exchanges’ involvement in illicit money transfers.
It is reported that Nigeria’s government is particularly concerned about capital outflows resulting from crypto exchanges, exacerbating the country’s financial challenges.