24/7 Cryptocurrency News

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

Binance CEO Richard Teng discloses bribe sought by Nigeria's Tinubu administration to settle the tax evasion and money laundering charges and release Tigran Gambaryan.
Published by
Breaking: 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.

Advertisement

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

Advertisement

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

Advertisement

Share
Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

Bitcoin Tops $126,000 as Market Prices In Three-Week U.S. Government Shutdown

Bitcoin has reached a new all-time high (ATH), extending its current rally, which began at…

October 6, 2025
  • Bitcoin News

Paul Tudor Jones Predicts Explosive Bull Market Amid Bitcoin’s ‘Uptober’ Rally

Billionaire hedge fund manager, Paul Tudor Jones believes that there is a massive price gains…

October 6, 2025
  • 24/7 Cryptocurrency News

Robinhood Outage Reported by Users, HOOD Stock Drops

Crypto exchange Robinhood is currently experiencing an outage, with users reporting issues accessing their accounts.…

October 6, 2025
  • 24/7 Cryptocurrency News

Tom Lee’s BitMine Adds $820M Worth of Ethereum as ETH Rebounds

BitMine Immersion Technologies chaired by Fundstrat’s Thomas “Tom” Lee, has accumulated roughly $820 million in…

October 6, 2025
  • 24/7 Cryptocurrency News

Crypto Crime Hits $2.47 Billion in H1 2025, With Wallet Hacks on the Rise

The crypto industry has already lost more money in the first half of 2025 than…

October 6, 2025
  • Altcoin News

ASTER Token Rockets Over 10% in an Hour as Binance Announces Spot Listing

Crypto exchange Binance on Monday said it will list next-generation decentralized perpetual exchange Aster's crypto…

October 6, 2025