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Officials from Nigeria’s law enforcement agencies allegedly demanded a $150 million bribe from Binance to dismiss charges against the exchange, a new report has revealed. Nigeria’s top economic and national security agencies have charged Binance with money laundering and tax evasion. They have also attributed the naira’s struggles to speculation on the digital currency market, and the exchange has shouldered most of the blame. Tigran Gambaryan, its financial compliance head, has borne the brunt of the regulatory actions and has been in detention for over 70 days. Richard Teng, the former Singaporean central banker who took over the reins from Changpeng Zhao, finally broke his silence on the legal woes in Nigeria. In a lengthy blog post, Teng told the exchange’s side of the story, which stretches back two years. Richard Teng: Nigerian officials demanded ‘crypto’ bribe According to Teng, Binance has been trying to work with Nigerian regulators since May 2022, when the SEC required all VASPs to obtain a license. The exchange reportedly attempted to get directions on the license application process for months to no avail. This all changed in December 2023 when the Nigerian parliament summoned the exchange for an investigative hearing. Gambaryan was part of the first contingent from the exchange that visited Nigeria earlier this year to iron things out. Teng alleges that after the first round of meetings, the exchange’s representatives were approached with an offer to dismiss all charges against them for payment in ‘crypto.’ Later, another party approached the team, alleging to represent the parliamentary committee. They reiterated the offer and gave them a 48-hour deadline to settle it “to make these issues go away.” While Teng didn’t disclose the specifics, the New York Times, citing four sources familiar with the matter, reports that Nigerian officials demanded $150 million from the exchange. The Nigerian government has dismissed the allegations, claiming Binance is…

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Filed under: News - @ May 17, 2024 4:10 pm