Bitrabo Editorial
Nigeria has refuted the bribery accusations made by Binance, the world’s largest cryptocurrency exchange, dismissing them as a maneuver to divert attention from the exchange’s operations.
Nigerian government’s Response to Binance’s Bribery Claims
The Nigerian Ministry of Information responded to Binance CEO Richard Teng’s claim of a $150 million cryptocurrency payment demand by labeling the allegations as unfounded and lacking credibility.
The government spokesperson, Rabiu Ibrahim, emphasized that Binance’s bribery claims were an attempt to shift focus away from the exchange’s activities and that Nigeria denies any participation in such bribery attempts.
Binance’s Allegations and Nigerian Government’s Stand
Richard Teng claimed in a blog post that Nigerian officials raised criminal allegations against Binance during a meeting in January, leading to demands for a substantial cryptocurrency payment within 48 hours to settle the accusations.
Despite one employee fleeing, Tigran Gambaryan remains in custody facing charges of tax evasion, currency speculation, and money laundering, with his trial set to begin soon.
Nigeria’s Actions on Cryptocurrencies
Nigeria views Binance’s bribery claims as part of an international campaign to tarnish Nigeria’s reputation. The government alleges that Binance is engaging in fictitious claims and media campaigns to evade criminal charges in different countries.
The government is scrutinizing cryptocurrencies’ impact on the local currency, the naira, attributing part of its depreciation to foreign exchange control adjustments and increased volatility. Measures such as banning person-to-person cryptocurrency trading in the naira and planning new regulations are being considered.
Changpeng Zhao, Binance’s founder, faced a four-month prison sentence in the US for inadequacies that enabled cybercriminals and terrorist groups to use the platform freely. Binance settled with US authorities by agreeing to pay $4.3 billion.
No response from Binance has been reported regarding the Nigerian government’s accusations. The situation remains uncertain regarding how Binance will address the allegations or provide further clarification.
The Binance native token, BNB, is currently trading at $585, showing a 4.4% increase over the past week.
Image source: Shutterstock, chart source: TradingView.com