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Binance CEO Richard Teng has accused Nigerian officials of proposing a clandestine cryptocurrency settlement to resolve undisclosed allegations against the global exchange. This controversial claim has sent shockwaves through the crypto community and raised serious questions about the integrity of regulatory practices in Nigeria.
Richard Teng’s Allegations
According to Teng, the Nigerian government has overstepped ethical boundaries by detaining two Binance employees after inviting them for a meeting. The incident, which took place in early 2024, involved Tigran Gambaryan, a former IRS agent and head of Binance’s financial crime compliance team, who remains in custody since April 7.
The CEO’s statement highlighted the Nigerian authorities’ attempt to coerce Binance into a secret settlement paid in cryptocurrency. The demand was allegedly made by unknown individuals representing the House Committee on Financial Crimes (HCFC) during a public investigative hearing. The committee had previously expressed its readiness to issue arrest warrants against Binance’s team and CEO, as well as prevent their delegation from leaving the country.
Bribing Allegations
Binance’s legal counsel was reportedly presented with terms demanding a significant cryptocurrency payment within 48 hours to “make these issues go away.” Teng condemned the action, stating that complying with such demands would set a dangerous precedent for companies worldwide.
In response to the situation, Binance declined the payment demand and continued to engage in settlement negotiations. The exchange has put forward several demands of its own as it prepares to resume discussions with Nigerian authorities.
