Tinubu’s Government Demanded $150 Million Bribe To Make ‘Illegal’ Nigeria Charges Go Away- Binance CEO

According to an executive at the company, Nigerian government representatives have been charged with accepting bribes from global cryptocurrency behemoth Binance totaling $150 million.

The CEO of the company revealed that the Nigerian Government requested an astounding $150 million bribe to drop the money laundering accusations against the massive cryptocurrency exchange Binance.

The Chief Executive Officer (CEO) of Binance, Richard Teng, made the startling disclosure on Tuesday in a blog post.

READ ALSO: Binance Billionaire Founder, Changpeng Zhao Jailed In US

Teng stated that Binance was given an assurance by the government officials requesting the bribe that their issues would “go away” as soon as the cash was received, and that the bribe was requested in digital currency. He did, however, reveal that the legal representation for Binance turned down the offer from those unidentified officials.

Teng and other officials from Binance have insisted that the accusations are false and unlawful, and they have promised not to be coerced into paying anything that is not legal.

Recall that two Binance executives were placed under arrest by the Office of the National Special Adviser (ONSA) on February 28 as a result of an investigation into possible unlawful activities in the nation and manipulation of foreign exchange rates. When discussing Binance’s problems with the Nigerian government, Teng gave an account of how the biggest cryptocurrency exchange in the world tried to communicate with the authorities, even holding a meeting in Abuja on January 8 when it was subjected to criminal accusations.

The Binance CEO said that despite requests, the crypto firm has still not received details of the allegations, saying, “And our employees, therefore, inquired if there was an opportunity to submit our responses in writing and in the absence of a public hearing”.

“There were a number of reasons for that, including the sensitivity of the information and getting the opportunity to see the allegations in full and prepare a thorough substantive response,” he said.

“The meeting ended with the Chair confirming they would consider the matter and revert through Binance’s local counsel.

“However, as our employees were leaving the venue, they were approached by unknown persons who suggested to them to make a payment in settlement of the allegations.

“Later that day, our local counsel — representing us at that time — was summoned by the Committee through someone purporting to be their agent, who relayed the Committee’s terms and instructed our local counsel to advise us.

“Counsel reported back that he had been presented with a demand for a significant payment in cryptocurrency to be paid in secret within 48 hours to make these issues go away and that our decision was expected by the morning.

“Our team grew increasingly concerned about their safety in Nigeria and immediately departed.”

Teng said the payment request was declined “via our counsel, not viewing it to be a legitimate settlement offer”.

The CEO said Binance clarified that it would engage in settlement negotiations on the conditions that the relevant petition or the details of all allegations were seen, adding that any settlement “must be official, recorded in writing, and signed by all relevant parties”.

Binance and the Nigerian government are engaged in a court struggle, and the exchange is refusing to give in to pressure. Executives from Binance Teng and other companies have reaffirmed their resolve to work with law enforcement through lawful methods while strongly opposing any kind of bribery or extortion. Supporters and industry observers alike have praised the firm for its unyielding stance, viewing it as evidence of Binance’s integrity and commitment to following the law.

Binance has demonstrated its confidence in its capacity to weather the storm by continuing to grow its presence and offerings despite the issue. The exchange has implemented improved mechanisms to detect and deter unlawful conduct, doubling down on its commitment to compliance and regulatory collaboration. In response to regulatory obstacles, Binance has taken a proactive stance, demonstrating both its experience as a major participant in the cryptocurrency market and its resolve to weather turbulent times with honor and resiliency.

The story continues, and it is unclear how Binance’s legal defense against the Nigerian bribery allegations will turn out. Nonetheless, one thing is certain: the exchange sends a strong message about the value of integrity and ethical behavior in the cryptocurrency business by refusing to be coerced into making illicit payments. Whether or not Binance wins, its unwavering stance against extortion and corruption establishes a standard for others to follow and reinforces the significance of openness and accountability in the search for financial innovation.

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