Nigeria Refutes Binance’s Bribery Allegations, Calls Them ‘Diversionary Tactics’

Nigeria has rejected bribery allegations made by Binance, the world’s largest cryptocurrency change, labeling them as a “tactic to divert” consideration from the change’s actions. 

The assertion is available in response to a weblog submit by Binance’s newly appointed CEO, Richard Teng, who claimed that the Nigerian authorities demanded a $150 million cryptocurrency cost to settle an ongoing prison investigation.

Nigerian Authorities Slams Binance’s Bribery Claims

In keeping with Bloomberg, Nigerian Ministry of Info spokesman Rabiu Ibrahim dismissed Teng’s bribery allegations as baseless and missing substance. 

Ibrahim acknowledged that the Binance CEO’s declare was a mere diversionary tactic geared toward shifting focus away from the cryptocurrency change’s actions. The Nigerian authorities firmly denies involvement in any bribery makes an attempt.

In keeping with Teng’s weblog submit, Binance attended a gathering with Nigerian officers in January, throughout which prison allegations had been raised towards the corporate. 

Teng claimed that as Binance workers left the assembly, they had been approached by unknown people who demanded a major cryptocurrency cost inside 48 hours to settle the allegations. 

The weblog submit additionally talked about that Gambaryan and his colleague returned to Nigeria in February on the authorities’ invitation however had been subsequently arrested.

Whereas one worker has managed to flee in latest months, Tigran Gambaryan stays in custody. He faces costs of tax evasion, foreign money hypothesis, and cash laundering. His trial is scheduled to begin later this month.

Nigeria Intensifies Scrutiny Of Cryptocurrencies

The Nigerian authorities dismisses Binance’s bribery claims as a part of the corporate’s “orchestrated worldwide marketing campaign” to undermine Nigeria’s fame. 

The federal government additionally accuses Binance of resorting to fictional claims and mudslinging media campaigns to clear its identify amidst prison prosecutions in a number of nations, together with the USA.

It’s value noting that Nigeria has been scrutinizing the function of cryptocurrencies within the depreciation of the native foreign money, the naira. The federal government attributes a part of the foreign money’s decline to overseas change management changes and elevated volatility. 

To handle issues, the Securities and Change Fee banned person-to-person cryptocurrency buying and selling within the naira and indicated that new laws can be carried out to manipulate the sector.

Along with the problems in Nigeria, Binance founder Changpeng Zhao was lately sentenced to 4 months in jail within the US for failures that allowed cybercriminals and terrorist teams to commerce freely on the platform. The change additionally agreed to pay $4.3 billion to resolve allegations raised by US authorities.

Binance has not but responded to the Nigerian authorities’s accusations and denials. It stays to be seen how the change will handle the state of affairs or present any additional clarification relating to the allegations.

As of this writing, the change’s native token, BNB, is buying and selling at $585, up 4.4% up to now week. 

Featured picture from Shutterstock, chart from TradingView.com