Binance Alleges That The Nigerian Government Requested $150 Billion Bribe Payment

The CEO of cryptocurrency giant Binance, Richard Teng, on Tuesday, alleged that certain agents of Nigerian officials sought a $150 million bribe payment to resolve the company’s issues levied against them.

Teng, who succeeded founder and former CEO Changpeng Zhao, disclosed in a blog on Binance’s website that the request was conveyed through a local law firm hired by the company.

He wrote,

“Counsel reported back that he had been presented with a demand for a significant payment in cryptocurrency to be paid in secret within 48 hours to make these issues go away. We of course declined the payment demand via our counsel, not viewing it to be a legitimate settlement offer, and clarified that we would engage in settlement negotiations on the following conditions:

“Binance needs to see the relevant petition and/or the details of all allegations. Any settlement must be official, recorded in writing, and signed by all relevant parties. Any settlement must encompass all relevant agencies and be in full and final settlement of all allegations, including any potential historic tax liabilities, if applicable, with guarantees. While the exact terms of any settlement may have to remain private, there would have to be some public acknowledgment that a resolution has been reached.”

The Binance boss also requested that the company’s contractors and employees are not to be intimidated, harassed, or detained. He said the Binance counsel relayed its conditions which were intially objected by Nigerian authorities before a later agreement.

Recall that in continuation of its engagement with Nigeria, two Binance officials Tigran Gambaryan and Nadeem Anjarwalla arrived to discuss further terms with the government but were arrested in late February. 

Anjarwalla escaped Nigerian custody days later while Gambaryan who is still in custody is prosecuted for tax evasion charges. Gambaryan has been transferred from a safe house to the Kuje Correctional Centre in Abuja since April 8. Both he and Binance are now facing charges of tax evasion and money laundering to the tune of $35.4 million.