Dark
Light
Today: June 15, 2024
May 7, 2024
1 min read

Binance CEO alleges Nigerian officials demand payments to resolve issues with FG

Binance CEO Richard Teng has revealed a concerning encounter with Nigerian government officials, alleging that they sought substantial payments in digital currency to resolve issues faced by the cryptocurrency exchange. Teng disclosed this in a recent blog post, where he stated that Binance’s legal representatives firmly rejected the proposition put forward by these undisclosed officials.

The backdrop to this revelation stems from a series of events beginning on February 28, when two senior executives of Binance were detained by the Office of the National Security Adviser (ONSA) amid investigations into alleged illegal activities and manipulation of foreign exchange rates. Among those detained were Nadeem Anjarwalla, a British-Kenyan individual serving as Binance’s regional manager for Africa, and Tigran Gambaryan, a US citizen occupying the role of Binance’s head of financial crime compliance.

See also  NLC rejects 35% salary raise, demands N615,000 living wage

Subsequently, on March 25, the Federal Government of Nigeria filed criminal charges against Binance, citing “tax evasion.” During this period, Anjarwalla managed to escape detention.

Teng shed light on Binance’s efforts to engage with Nigerian authorities, recounting a meeting held on January 8 in Abuja, during which the exchange was confronted with criminal accusations. Despite repeated requests, Binance claims it has yet to receive detailed allegations from the authorities, making it difficult for the company to mount a comprehensive response. Teng emphasized the importance of understanding the allegations fully and preparing a substantive response.

Advertisement

Advertisement

Advertisement
See also  ICYMI: Minimum wage agreement still unresolved – NLC

Following the meeting, Binance’s employees were approached by unidentified individuals who suggested making a clandestine payment to settle the allegations. Later, the exchange’s local counsel was summoned and presented with a demand for a significant cryptocurrency payment to purportedly resolve the issues swiftly and discreetly. This demand was swiftly declined by Binance via its legal representation, with the exchange insisting that any settlement negotiations must be transparent, documented, and officially endorsed by all relevant parties.

See also  Ramadan: LASU lecturer harps on fairness as solution to hardship

Expressing concerns for the safety of its team in Nigeria, Binance decided to withdraw from the situation promptly. Teng reiterated Binance’s willingness to engage in settlement talks provided that the allegations are clearly presented and that any resolution is formalized through official channels.

Previous Story

CBN imposes 0.005% cybersecurity levy on electronic transactions; exempts 16 transaction types

Next Story

Man kills “Sugar Mummy” over N100,000 in Delta, gives reason

Latest from Blog

NLC, TUC picket IBEDC in Ogun

Members of the organized labour in Ogun State on Monday protested against the federal government’s elimination of power industry subsidies and hike in electricity

Ogun CJ frees 3 inmates

As part of its efforts to decongest correctional facilities across the Ogun state, the state’s Chief Judge, Justice Mosunmola Dipeolu has granted amnesty to

Two killed in Ogun cult clash

Two persons have been reportedly killed on Sunday in a cult clash in Abeokuta, Ogun State capital. The victims, allegedly members of the Eiye

Ogun evacuates, rehabilitates destitute

The Ogun State government has begun evacuation and rehabilitation of destitute with mental disorders who constitute environmental nuisance to communities across the state. Hon.

Pelican valley lights up Ogun communities

Pelican Valley estate has installed industrial solar lights in over ten neighboring communities in Ogun state. The community includes Kobape, Egbeda, Galatia, Masha, Mosunmore,

Ogun  IPAC gets new chairman

Comrade Sanyaolu Abayomi of Action Alliance ( AA) has emerged as the newly elected Chairman of  Inter-Party Advisory Council ( IPAC) in Ogun State.  The

OGHA passes N703.02Bn 2024 budget

The Ogun State House of Assembly has on Thursday passed N703,028,013,431.64 as the Year 2024 Appropriation bill. The bills which was earlier presented to

Ogun set to distribute 5000 CofO

The Ogun state government will distribute 5000 Certificates of Occupancy (C of O) to beneficiaries on Friday, December 1 2023. According to a statement
Go toTop

Don't Miss

Tinubu

Minimum wage: FG warns of mass layoffs as Labour denies agreement

Minister of Information and National Orientation, Mohammed Idris, cautioned that

ICYMI: Minimum wage agreement still unresolved – NLC

In his address, Tinubu stated that a consensus had been