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FG Reacts To $150M Bribery Allegations By Binance CEO



India Slams $2.25 Million Fine On Binance For Violating Anti-Money Laundering Regulations

The Federal Government has denied the $150 million bribery allegations made by the Chief Executive Officer (CEO) of Binance Holdings Ltd., Richard Teng.

News About Nigeria reported that Teng had alleged that Nigerian authorities demanded the sum of $150 million in cryptocurrency as a bribe to drop the money laundering trial against two of its executives, Tigran Gambaryan and Nadeem Anjarwalla.

However, in a statement issued on Wednesday in Abuja, the Special Assistant to the Minister of Information and National Orientation, Rabiu Ibrahim, described the allegations as part of an “orchestrated international campaign” by Binance to undermine the Nigerian government.

Ibrahim dismissed the claims, stating that they lack “any iota of substance” and are an attempt to “blackmail” the government.

The Federal Government insisted that Binance must submit itself to an investigation, adding that it will not succumb to “blackmail” or be swayed by the company’s “fictional claims and mudslinging media campaigns.”

The government reiterated its commitment to operating within its laws and international norms and will not be intimidated by any entity, local or foreign.

The statement read in part: “The Federal Government of Nigeria is aware of attempts by Binance to launder its impaired image as an organisation that does not play by the rules and laws guiding business conduct in sovereign nations. We would like to remind Binance that it will not clear its name in Nigeria by resorting to fictional claims and mudslinging media campaigns. The only way to resolve its issues will be by submitting itself to unobstructed investigation and judicial due process.”

Binance, its officials, and executives are currently facing trial for laundering over $35 million in Nigeria.

The company’s CEO, Richard Teng, made the bribery allegations in a blog post, claiming that unknown persons sought a bribe from its executives before their detention on February 28, 2024.

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