As a long-time crypto investor, I’ve seen my fair share of regulatory battles between exchanges and governments. The ongoing saga between Binance and the Nigerian authorities is particularly troubling.
Nigeria’s federal government denies allegations made by Binance CEO Richard Teng, who claimed officials requested a large sum of money to settle ongoing disagreements.
The Special Assistant to the Nigerian Information Minister, Rabiu Ibrahim, declared on May 8th that Binance and its CEO’s allegation of a “phantom bribe claim” was merely an attempt to tarnish their reputation through a defamatory media campaign, with the ultimate goal of obstructing ongoing criminal investigations.
The CEO of Binance, Richard Teng, accused unnamed Nigerian government officials of requesting a $150 million bribe in cryptocurrency for resolving an ongoing criminal probe against the company. However, it was later discovered that these allegations were unfounded.
As a researcher examining the situation, I would express it this way: The statement made by the Binance CEO seems devoid of any substantial evidence. It appears to be a tactic intended to divert attention and an attempt at intimidation from a company under scrutiny for serious allegations of criminal activity in Nigeria.
Nigerian government statement
In response to Teng’s accusations against him, Nigeria explicitly disclosed the demanded sum. Nevertheless, in his May 7 blog post, the exchange head merely hinted at an impending confidential cryptocurrency transaction aimed at resolving the matters within two days.
Binance did not immediately reply to commentary requests from crypto.news.
Binance’s Nigerian tangle
As a researcher delving into the intricacies of corporate controversies, I’ve come across Teng’s blog post, which sheds light on his company’s protracted ordeal with Nigerian regulatory authorities. This lengthy predicament has snowballed into a comprehensive investigation, spearheaded by national agencies, concerning allegations of money laundering, terrorism financing, and unlawful foreign exchange manipulation through clandestine trading practices.
As an analyst, I’d rephrase it as follows: In February, two executives, Tigran Gambaryan and Nadeem Anjarwall, were taken into custody and accused of criminal offenses. Gambaryan is currently awaiting trial and a bail hearing, while Anjarwall managed to evade detention and was recently extradited from Kenya to Nigeria.
As a crypto investor, I’ve recently learned that Binance has been directed to remove the naira as a trading option on its Peer-to-Peer (P2P) services, following a clampdown on digital currency transactions in Nigeria. Moreover, an Abuja High Court has mandated Binance to provide detailed information about all Nigerian users on its platform.
Read More
- BODEN PREDICTION. BODEN cryptocurrency
- GHST PREDICTION. GHST cryptocurrency
- BETA PREDICTION. BETA cryptocurrency
- STRD PREDICTION. STRD cryptocurrency
- Mango Markets Exploiter Found Guilty Of Fraud And Manipulation
- GBP EUR PREDICTION
- MATIC PREDICTION. MATIC cryptocurrency
- LOOKS PREDICTION. LOOKS cryptocurrency
- BRN/USD
- TNSR PREDICTION. TNSR cryptocurrency
2024-05-08 20:18