The Federal Government has pledged to pursue the criminal case against the cryptocurrency platform, Binance, and its officials, following bribery allegations made by Binance CEO Richard Teng. The accusations, claimed to involve a demand for a $150 million bribe in cryptocurrency, were deemed false and unfounded by top officials of the Bola Tinubu administration.
The alleged incident occurred during a visit to Nigeria in January, where a compliance officer with Binance, Tigran Gambaryan, reportedly received a message demanding the said bribe. Gambaryan interpreted this as a request for a bribe from someone within the Nigerian government.
Following the incident, Gambaryan and a colleague were arrested and detained, with Gambaryan remaining in custody while the colleague escaped and fled to Kenya.
In response, Gambaryan provided a detailed report to Binance’s lawyers and alerted contacts within the Nigerian government about the incident. However, Binance denied that Gambaryan had decision-making power within the company.
The case adds to Binance’s legal troubles, including a previous settlement with the US government over allowing criminal activity on its platform.
In his post, Teng outlined Binance’s engagement with Nigeria, highlighting the country’s significant crypto industry. However, tensions arose during a meeting with lawmakers, where allegations against Binance, including tax violations, were raised.
Following the meeting, individuals allegedly suggested making a payment to settle the allegations, culminating in a demand for a $150 million bribe in cryptocurrency.
The Federal Government has dismissed Teng’s allegations, vowing to prosecute the case to its conclusion. Officials described the claim as frivolous and suggested it was a tactic used by foreign entities facing legal charges in Nigeria.
Efforts to reach Binance for clarification on the alleged demand for bribes were unsuccessful, and the company did not respond to inquiries regarding the incident.
Civil society organizations and advocacy groups have called for transparency and accountability in addressing the allegations, urging Binance to name the individuals involved in the bribery request. They also emphasized the need to investigate the officials who allowed Gambaryan to leave the country.
As the case unfolds, it underscores the complexities and challenges surrounding cryptocurrency regulation and the legal ramifications faced by platforms like Binance operating in Nigeria and other jurisdictions.
