Nigeria claims Binance’s bribery allegations are ‘blackmail’

The Nigerian authorities has refuted bribery allegations made by crypto speech Binance, which were described arsenic baseless and an effort to distract from the company’s ineligible challenges successful the country, according to a property connection released connected May 8.

Binance CEO Richard Teng precocious alleged that Nigerian officials demanded $150 million successful crypto to settee an ongoing transgression probe against the company.

However, Rabiu Ibrahim, Special Assistant to the Minister of Information and National Orientation, dismissed the allegations arsenic “diversionary tactics” and “blackmail.”

Serious offenses

The Nigerian authorities said Binance is being probed for superior offenses, including wealth laundering, coercion financing, and manipulating overseas speech done amerciable trading.

It further highlighted that different Binance enforcement escaped custody and is present considered a fugitive with an planetary apprehension warrant issued by Interpol.

The authorities reiterated its committedness to pursuing lawful processes and urged Binance to respect judicial proceedings alternatively than engaging successful nationalist relations maneuvers.

The connection concluded by emphasizing that the Nigerian authorities volition not succumb to immoderate signifier of blackmail from immoderate entity, whether section oregon foreign.

Execs arrested

Amid the bribery allegations, Teng has besides called attraction to the detention of Tigran Gambaryan, a US national and Binance’s caput of fiscal transgression compliance, who was apprehended upon his accomplishment successful Abuja connected Feb. 26.

Teng condemned Gambaryan’s detention arsenic a maneuver to power Binance, stating that the enforcement was successful Nigeria arsenic a “functional expert” alternatively than a negotiator oregon decision-maker.

This contention arises arsenic Nigeria intensifies its regulatory measures against crypto trading to support its currency, the Naira, from manipulation.

Over caller months, the Nigerian authorities has directed telecommunications providers to restrict section crypto users’ entree to trading platforms specified arsenic Binance and OctaFX. Additionally, authorities person accused the crypto speech Binance of enabling trades worthy billions, further exacerbating the strain connected the Naira.

The Nigerian Securities and Exchange Commission besides precocious announced plans to remove the Naira from peer-to-peer trading platforms arsenic portion of a broader crackdown connected crypto trading, which has been blamed for adding volatility to the overseas speech market.

The station Nigeria claims Binance’s bribery allegations are ‘blackmail’ appeared archetypal connected CryptoSlate.