Tensions Rise Between Nigeria And Binance Over Bribery Allegations: Report

Key Points:

• Nigeria denies Binance’s bribery allegations and claims they’re part of an international campaign to undermine its government.
• Nigeria bans person-to-person cryptocurrency trading in the naira amid concerns about its depreciation.

According to BBG, Nigeria and Binance dispute intensifies as Nigeria denies Binance’s bribery allegations. Binance is facing scrutiny in Nigeria and the US, resulting in a $4.3 billion settlement in the US.

Nigeria has denied claims of soliciting a bribe from Binance, as suggested by CEO Richard Teng in a recent blog post.

Teng alleged that Binance was requested to make a covert payment to address issues in Nigeria, where a staff member is incarcerated.

Tensions Rise Between Nigeria And Binance

However, these accusations have been dismissed as unfounded by Rabiu Ibrahim, a spokesperson for Nigeria’s Ministry of Information.

Teng’s blog post marks a new phase in the escalating confrontation between Binance and Nigeria, with the crypto platform blocked and two employees detained. Teng claimed that Binance staff were asked for a payment to settle the allegations after a meeting with Nigerian officials.

Despite assurances of safe passage, one of the employees was swiftly arrested upon returning to Nigeria. Ibrahim stated that these claims are part of an international campaign by Binance, which is facing criminal prosecution in various countries, to undermine the Nigerian government.

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Binance Faces Legal Challenges Globally

Meanwhile, Binance founder Changpeng Zhao has been ordered to serve four months in a US prison for failures that allowed illegal activities on its platform.

Binance agreed to pay $4.3 billion to resolve the US allegations. The company has been under scrutiny in Nigeria due to the impact of crypto on the naira, which has depreciated by approximately 65% against the dollar.

The Securities and Exchange Commission recently announced a ban on person-to-person cryptocurrency trading in the naira.