Binance's CEO alleges an extortion attempt for a "secret" payment to resolve Nigerian issues.
In a rebuttal against accusations of bribery levelled by Binance Holdings Ltd, Nigeria has refuted claims made by the cryptocurrency firm, dismissing them as a diversionary tactic. The West African nation has been involved in a boisterous saga with Binance.
The rift deepened following a blog post penned by Binance's Chief Executive Officer, Richard Teng, alleging coercive demands for a "secret" payment to resolve issues within Nigeria. Teng's revelation ignited a firestorm, casting a shadow over the already strained relationship between Binance and Nigerian authorities.
The alleged bribery attempts purportedly occurred during a meeting between Binance representatives and Nigerian officials in Abuja earlier this year. Teng claimed that Binance staff were accosted by unidentified individuals post-meeting, soliciting a significant cryptocurrency payment within 48 hours to ostensibly quell criminal allegations.
Tigran Gambaryan, a Binance employee, remains in custody facing charges of tax evasion, currency speculation, and money laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars' worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars' worth of criminally derived money are laund Read this Term, following his colleague's escape. The trial for Gambaryan is set to commence this month, adding fuel to the ongoing legal skirmish.
Binance's entanglement with Nigerian authorities is further complicated by the detention of two of its employees and the subsequent ban on its operations in the country. Despite assurances of safe passage, Gambaryan and his colleague, Nadeem Anjarwalla, found themselves promptly arrested upon their return to Nigeria in late February.