Breaking: Binance CEO Reveals $150 Million Bribe, Conflicts With Nigeria’s Government

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.

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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.

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