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Nigeria’s FG Denounces Binance’s Allegations as Groundless

adminadminMay 8, 2024 912 Minutes read0
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By Joke Kujenya

IN RESPONSE to recent claims made by Binance, a major cryptocurrency exchange platform, the Federal Government of Nigeria has vehemently refuted allegations of bribery purportedly involving Nigerian officials.

These accusations, as per a circulated blog post by Binance CEO Richard Teng, suggest that unidentified Nigerian authorities demanded a staggering $150 million in cryptocurrency payments to resolve an ongoing criminal investigation against the company.

Recently, Binance, a leading cryptocurrency exchange platform, had stirred controversy with allegations against Nigerian officials, claiming they demanded $150 million in cryptocurrency to resolve an ongoing investigation. However, the Nigerian government swiftly dismissed these claims, labeling them as baseless and diversionary.

This is coming amid Binance facing scrutiny for alleged involvement in money laundering, terrorism financing, and illegal trading, the Nigerian government, in its release, said it remains resolute in upholding its laws and international norms, saying it is part of a broader global crackdown, evidenced by Binance’s founder’s recent conviction in the United States, with the company facing hefty fines.

Despite attempts to discredit the Nigerian government, the government says it stands firm, emphasizing their commitment to transparent investigations and due legal process.

Categorically dismissing these allegations, the Nigerian government has emphasized their lack of substantiation, branding them as nothing more than a diversionary tactic.

Moreover, the government has asserted that Binance is currently under investigation in Nigeria for a spectrum of serious allegations.

Highlighting the seriousness of the situation, it was revealed that an executive of Binance, who was under court-ordered protective custody, absconded from Nigeria, thus becoming a fugitive from the law. In a coordinated effort with Interpol, international authorities are now executing an international arrest warrant against him as a fugitive.

The Nigerian government has further emphasized the allegations as part of a broader international campaign orchestrated by Binance to undermine Nigeria’s sovereignty and legal processes.

This stance is bolstered by recent developments in the United States, where Binance’s founder, Changpeng Zhao, faced charges similar to those under investigation in Nigeria. Zhao’s conviction and subsequent sentencing to prison, along with hefty fines imposed on Binance, signal the gravity of the situation.

In light of these developments, Rabiu Ibrahim, Special Assistant to the Minister of Information and National Orientation, issued a stern statement on behalf of the Nigerian government.

Ibrahim emphasized that Binance cannot absolve itself from accountability in Nigeria through spurious claims and media manipulation, adding: “The government remains steadfast in its commitment to transparent investigations and due legal process.”

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