Mohammed Idris, Minister of Information and National Orientation
FG reacts to Binance’s $150 million bribe allegation
Claims that some Nigerian government officials solicited for bribe from digital currency exchange platform, Binance, to sweep the criminal charges against the company under the carpet are false, the federal government has said.
The Chief Executive Officer (CEO) Binance, Richard Teng, had alleged that some unnamed Nigerian government officials had approached the company’s legal representatives in the country and demanded for bribe to the tune of $150 million to be paid in digital currency in order to make the charges against the company go away.
Teng made these claims in a blog post syndicated in top foreign media platforms on Tuesday adding that Binance counsel declined the offer.
Reacting to Teng’s allegation, the federal government through the Idris Mohammed, Minister of Information and National Orientation, said Binance is trying divert attention away from its criminal charges.
In the statement signed on the minister’s behalf by by Rabiu Ibrahim, his media aide, the federal government said the allegation is an act of blackmail by a company “desperate to obfuscate the grievous criminal charges it is facing in Nigeria.”
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It stated that Binance Founder, Changpeng Zhao, was guilty of the same offence of money laundering in the United States, and currently serving prison terms, an indication that the crypto firm should submit itself for investigation.
“The Federal Government of Nigeria 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,” it read.
“In a blog post that has now been published by many international media organisations, in an apparent well-coordinated public relations effort, Binance Chief Executive Officer Richard Teng made false allegations of bribery against unidentified Nigerian government officials who he claimed demanded $150m in cryptocurrency payments to resolve the ongoing criminal investigation against the company.
“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 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. 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.
“Just a week ago, the founder and former CEO of Binance, Changpeng Zhao, was sentenced to prison in the United States, after pleading guilty to charges very similar to what Binance is being investigated for in Nigeria. In addition, Zhao agreed to pay a fine of $50 million, while Binance is liable for $4.3 billion in fines and forfeitures to the US Government.
“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 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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