MEXCBreaking: Binance CEO Reveals $150 Million Bribe, Conflicts With Nigeria’s Government
Highlights
- Binance CEO Richard Teng reveals Nigerian government officials asked for $150 million in bribes.
- Teng asked to release Binance executives Tigran Gambaryan and Nadeem Anjarwalla.
- Binance has insisted that the allegations were meritless and illegal.
- Nigeria charged Binance and Tigran Gambaryan with tax evasion and money laundering post Naira currency collapse.
The world’s largest crypto exchange Binance on Tuesday said it was asked for $150 million in bribes by Nigerian government officials to get away with the legal proceedings on Binance executives Tigran Gambaryan and Nadeem Anjarwalla.
Binance was asked to make the secret payment in crypto within an account on its crypto exchange. The executives have denied making payments to officials.
Binance Asked to Pay $150 Million to Resolve Issues
Richard Teng, CEO of Binance Holdings, on May 7 said President Bola Ahmed Tinubu administration has approached Binance employees seeking to extract large amount of money to settle the tax evasion and money laundering charges.
Binance tried to engage with Nigerian authorities, including a Jan. 8 meeting, where the criminal allegations were brought on executives.
“As our employees were leaving the venue, they were approached by unknown persons who suggested to them to make a payment in settlement of the allegations. Binance lawyer was presented with a demand for a significant payment in cryptocurrency to be paid in secret within 48 hours to make these issues go away,” said Richard Teng.
Peoples Gazette and New York Times reported Nigerian government officials were accused of soliciting $150 million in bribes in order to make the recent fraud charges “go away”. Binance has insisted that the allegations were meritless and illegal, with Binance executives detained even after court orders expired.
Also Read: SEC Chair Gary Gensler Shares Vital Insights On Robinhood & Ethereum’s Future
Charges on Binance and Tigran Gambaryan
Binance executives Tigran Gambaryan and Nadeem Anjarwalla were arrested in February, starting the latest trouble for the crypto exchange after Changpeng Zhao stepped down and Binance paid $4.3 billion in fines to settle the U.S. DOJ allegations including money laundering.
Nadeem Anjarwalla escaped from custody, possibly bribed officials with crypto, to fled to Kenya. Kenyan authorities later denied arresting Anjarwalla for escape from custody.
Nigerian authorities have charged both Binance and compliance officer Tigran Gambaryan with tax evasion and money laundering. Nigerian officials have blamed crypto especially Binance for the collapse of the country’s currency Naira.
Binance CEO Richard Teng advocates for its executive Tigran Gambaryan’s release amidst the Nigerian detainment crisis, emphasizing justice and corporate integrity. Gambaryan’s trial was postponed to May 17.
Also Read: Arthur Hayes Predicts ENA to Hit $10 as Bybit Integrates USDe
- Breaking: Michael Saylor’s Strategy Adds 390 BTC to Holdings as Bitcoin Surges Past $115k
- Solana, Cardano, Litecoin, Sui ETFs Delay Wipe Out Institutional Interest: CoinShares
- Is Changpeng “CZ” Zhao Returning To Binance? Probably Not
- Ripple-Backed Evernorth XRP Treasury’s Holdings Reach $1B Ahead of Nasdaq Listing
- Crypto Market Rally: BTC, ETH, SOL, DOGE Jump 3-7% as US China Trade Talks Progress
- Can Bitcoin Price Break $125k If President Trump Announces Deal with China on October 30th?
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
