Kelvin Daminabo
The government of Nigeria has strongly rejected accusations by Binance CEO Richard Teng, who claimed that government officials requested a large payment to settle ongoing disputes. A statement released on May 8 by Special Assistant to the Minister of Information and National Orientation, Rabiu Ibrahim, dismissed Teng’s allegations as a “phantom bribe claim” intended to hinder legal proceedings through negative media tactics.
Ibrahim emphasized that the Nigerian government is dedicated to upholding the rule of law and will not be swayed by efforts to divert attention from the investigation into Binance’s activities. The government’s response refuted the amount mentioned by Teng, asserting that the accusations are unfounded and lack credibility.
In a blog post on May 7, Teng had suggested that a secret cryptocurrency payment was demanded within 48 hours to resolve the issues at hand, insinuating that government officials were seeking a bribe to halt the investigation. However, the swift reaction from the Nigerian government has shifted the narrative, raising doubts about Teng’s claims and hinting that Binance might be trying to deflect focus from its own alleged misconduct.
The conflict between Binance and the Nigerian government has been ongoing, with the exchange facing criminal charges related to money laundering, terrorism financing, and illicit trading. The government’s inquiry is ongoing, and it seems that Binance is increasingly eager to avoid facing consequences.
By rebutting Teng’s assertions and standing steadfast in its investigation, the Nigerian government is affirming its commitment to uphold justice without yielding to intimidation or attempts to undermine legal proceedings. As events continue to unfold, the response from Binance to the government’s stance remains uncertain, but one thing is clear – the Nigerian government is resolute in its quest for accountability.
Binance encounters legal challenges in Nigeria regarding crypto trading.
Binance, one of the largest cryptocurrency exchanges globally, is entangled in a prolonged and intricate dispute with Nigerian authorities. The conflict has been evolving over years, with a national probe initiated into allegations of money laundering, terrorism funding, and manipulation of foreign exchange markets through unauthorized trading.
The CEO of the exchange, Richard Teng, recently shared a blog post outlining the company’s struggles with Nigerian authorities, leading to a series of legal and regulatory hurdles. Two Binance executives, Tigran Gambaryan and Nadeem Anjarwall, were apprehended in February and faced criminal charges. While Gambaryan awaits trial and a bail review, Anjarwall escaped custody but was later brought back from Kenya to Nigeria.
As part of a broader crackdown on cryptocurrency trading in Nigeria, Binance was directed to remove the naira from its peer-to-peer services. Additionally, the exchange was mandated by an Abuja High Court to provide detailed information on all local crypto users on its platform. This move has sparked concerns about user privacy and the potential for governmental overstepping.
The situation underscores the complexities that cryptocurrency exchanges encounter when navigating intricate and sometimes conflicting regulatory landscapes. Binance has alleged unfair treatment and has been striving to address the issues, yet a resolution remains pending. The outcome will have significant implications for the future of cryptocurrency trading in Nigeria and potentially beyond.