Richard Teng, an executive at Binance, accused Nigerian government officials of soliciting bribes amounting to $150 million from the cryptocurrency giant. Teng disclosed that the demand came after a meeting with Nigerian lawmakers, although their direct involvement remains uncertain.
“We will not yield to illegal demands or coercion,” stated Teng unequivocally. Binance executives maintain that the accusations are baseless and contrary to the principles of transparency and integrity upheld by the company.
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Nigerian Government’s Demands
Teng’s blog post on the Binance website highlighted the Nigerian government’s insistence on a significant payment in cryptocurrency within 48 hours. “The demand was clear: pay up or face consequences,” Teng emphasised.
The arrest of Tigran Gambaryan, a Binance official, in February heightened tensions between the company and Nigerian authorities. National Security Adviser Nuhu Ribadu accused Binance of economic sabotage and currency devaluation, sparking a legal dispute.
The arrests of Gambaryan and Anjarwalla coincided with Nigeria’s classification of cryptocurrency as a “national security” issue. Binance subsequently ceased operations in the country, with its website blocked in Nigeria amidst the ongoing legal dispute.
With these legal allegations against the crypto firm, Binance remains steadfast in its denial of the allegations and continues to contest the charges through legal channels, as Teng maintained that “We stand by our commitment to lawful conduct and refuse to succumb to extortion.”
As the legal battle unfolds and tensions persist, the fate of Gambaryan, Anjarwalla, and Binance remains uncertain. The case underscores the complexities surrounding cryptocurrency regulation and international legal disputes, leaving stakeholders on both sides grappling with the fallout.
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Ongoing Legal Proceedings Against Binance Executive Outside Africa
Gambaryan’s family is urging U.S. authorities to intervene and secure his release as he faces charges in a federal court in Abuja. Meanwhile, the Nigerian parliament’s committee investigation into the allegations against Binance adds complexity to the legal landscape.
Gambaryan’s wife implored, “We urge the U.S. government to act swiftly to ensure justice for Tigran and uphold his rights as an American citizen.” The case underscores the challenges of navigating international legal disputes involving cryptocurrency and governmental authorities.