The CEO of Binance, the world’s largest cryptocurrency exchange, has leveled a serious accusation against Nigerian officials. Richard Teng, in a blog post published Tuesday, alleges that unnamed individuals in Nigeria demanded significant cryptocurrency payments to resolve ongoing issues between Binance and the Nigerian government.
The accusation stems from Binance’s attempt to address regulatory concerns raised by Nigerian authorities. According to Teng, the company met with roughly 30 Nigerian agencies in January, but these meetings allegedly took a hostile turn, with accusations of wrongdoing against Binance.
Binance claims they requested details of the allegations to respond formally but never received them. Instead, their legal team was reportedly approached with a shocking demand: a substantial, undisclosed payment in cryptocurrency within 48 hours to make “these issues go away.” Binance refused the request, viewing it as an illegitimate attempt at extortion.
Nigerian authorities have denied this accusation, saying it is an “unfounded allegation”. “It’s not worth our time, anybody can say anything but as long as they can’t substantiate it, it’s a waste of time,” said a top official of Nigeria’s financial watchdog, the Economic and Financial Crimes Commission (EFCC), to Punch.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
