Business

FG denies Binance CEO’s $150 million bribery claims, pledges to continue criminal case against officials

Published

2 weeks ago

May 8, 2024

The federal government has denied the $150 million bribery allegations made by the Chief Executive Officer (CEO) of global cryptocurrency trading platform Binance Holdings Ltd, Richard Teng.

The Special Assistant to the Minister of Information and National Orientation, Rabiu Ibrahim, said this in a statement on Wednesday in Abuja.

Recall on Tuesday that Nairametrics reported that Teng alleged that Nigerian authorities demanded the sum of $150million in cryptocurrency as a bribe to make the money laundering trial initiated against two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, go away.

Gambaryan, a U.S. citizen and head of financial crime and Anjarwalla, a British Kenyan, are currently facing trial for laundering more than $35 million in Nigeria.

Reacting to the allegations levelled against the government, Ibrahim said the claim is part of an orchestrated international campaign by Binance to undermine the Nigerian government.

The spokesperson also said the allegations by Binance CEO lacks “any iota of substance,” and it is attempted to “blackmail” the government.

“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.

“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.

“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,” Ibrahim said.

Binance must submit itself to investigation

Furthermore, the federal government said it will not succumb to “blackmail”, insisting that the cryptocurrency firm must submit itself to the Nigeria authorities for investigation.

The government of Nigeria noted that it will continue to operate within its laws and international norms.

“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.

“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,” the statement added.

Backstory

On Tuesday May 7, Nairametrics reported that the CEO of Binance, Richard Teng, alleged that some unknown persons sought a bribe of cryptocurrency from its executives, Tigran Gambaryan and Nadeem Anjarwalla, before their detention on February 28, 2024.