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Binance CEO’s bribery allegation against unidentified officials ‘diversionary, false’ ─ Nigerian Government

Binance CEO Richard Teng

*The Federal Government of Nigeria asserts the bribery allegation Binance CEO Richard Teng has made against unidentified officials lacks substance, stating ‘it is nothing but a diversionary tactic and an attempted act of blackmail by a company desperate to obfuscate the grievous criminal charges it is facing’ in the West African country

Isola Moses | ConsumerConnect

The Federal Government of Nigeria has said it is aware of attempts by Binance to launder its impaired image as an organisation that does not play by the rules and laws guiding business conduct in sovereign nations around the world.

The Nigerian Government stated in a blog post that had been published by several international media organisations, in an apparent well-coordinated public relations effort, Binance Chief Executive Officer Richard Teng made false allegations of bribery against unidentified Federal Government officials.

The government also noted Teng claimed the unidentified officials demanded $150 million in cryptocurrency payments to resolve the ongoing criminal investigation against the company.

Rabiu Ibrahim, Special Assistant to the Minister for Information and National Orientation, Wednesday, May 8, 2024, stated: “This claim by Binance CEO lacks any iota of substance.

“It is nothing but a diversionary tactic and an attempted act of blackmail by a company desperate to obfuscate the grievous criminal charges it is facing in Nigeria.

The Minister stated: “The facts of this matter remain that Binance is being investigated in Nigeria for allowing its platform to be used for money laundering, terrorism financing, and foreign exchange manipulation through illegal trading.

“While this lawful investigation was going on, an executive of Binance, who was in court-sanctioned protective custody, escaped from Nigeria, and he is now a fugitive from the law.”

The statement also noted: “Working with the security agencies in Nigeria, Interpol is currently executing an international arrest warrant on the said fugitive.

“The phantom bribe claim is part of an orchestrated international campaign by this company that is facing criminal prosecution in many countries, including the United States to undermine the Nigerian Government.”

The Nigerian Government explained the Founder and former CEO of Binance, Changpeng Zhao, recently was sentenced to prison in the United States, after pleading guilty to charges very similar to what Binance is being investigated for in Nigeria.

It stated Zhao also agreed to pay a fine of $50 million, while Binance is liable for $4.3 billion in fines and forfeitures to the US Government.

The Minister further averred: “We would like to remind Binance that it will not clear its name in Nigeria by resorting to fictional claims and mudslinging media campaigns.

“The only way to resolve its issues will be by submitting itself to unobstructed investigation and judicial due process.”

The statement added: “The government of Nigeria will continue to act within its laws and international norms, and will not succumb to any form of blackmail from any entity, local or foreign.”

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