24/7 Cryptocurrency News

Breaking: Nigerian Govt Denies $150M Binance Bribery Allegations

Nigerian government refutes Binance's bribery claims, calling them diversionary and unfounded amid ongoing investigations.

Published by

Kelvin Munene Murithi

Updated 08 May, 2024 | 04:46:36 PM UTC

Breaking: Nigerian Govt Denies $150M Binance Bribery Allegations

Highlights

Nigerian govt dismisses Binance's bribery claims as diversionary, rejecting allegations as baseless blackmail.
Minister Idris asserts Binance's bribery accusations aim to distract from money laundering, terrorism finance probes.
Binance faces $4.3B penalties in the US; Nigerian authorities brand bribery claims a ploy to cleanse its image.

The Nigerian government has strongly refuted Binance’s bribery accusations, asserting that these claims are without any foundation and are just a ploy by the cryptocurrency company.

The federal government announced that it disregards the allegations released by Binance’s CEO, Richard Teng, that some Nigerian officials demanded a $150 million cryptocurrency payment from the company to settle the ongoing legal issues.

Binance’s Allegations and Government Response

Binance claims that some Nigerian government officials demanded the bribe for the charges filed against the company to be settled. Nevertheless, the Minister of Information and National Orientation, Mohammed Idris, dismissed these accusations as false.

In a statement made on Wednesday, Rabiu Ibrahim, Special Assistant to the Minister, termed the claims “diversionary” and cited them as blackmail meant to obfuscate the criminal investigations into Binance in Nigeria.

The government is said to be investigating Binance for facilitating illegal activities such as money laundering, terrorism financing, and foreign exchange manipulation. The government also revealed that a high-ranking Binance executive who was in protective custody had fled Nigeria and was now wanted by Interpol.

Ongoing Investigations and Campaign Allegations

Nigerian authorities have continued to argue that the bribery allegations against the crypto exchange are part of an internationally orchestrated plot to delegitimize Nigerian authorities. The statement stressed that the crypto exchange, which is under investigation and criminal prosecution in the US, is attempting to cleanse its reputation in Nigeria using baseless allegations and media slanders.

The government cited a case in a recent development in the United States where the founder and former CEO of Binance was sentenced to prison after pleading guilty to some of the charges under investigation in Nigeria. Zhao agreed to pay a $50 million fine, while Binance faces $4.3 billion in fines and forfeitures.

Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Published by

Kelvin Munene Murithi

Updated 08 May, 2024 | 04:46:36 PM

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.