• Monday, May 27, 2024
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We were asked for a bribe to settle Nigerian case — Binance CEO

We were asked for a bribe to settle Nigerian case — Binance CEO

Binance Holdings Ltd. said it was asked for a significant sum in Nigeria to make its problems disappear.

This is as it called for the release of its employee, who is still in detention in the country. Richard Teng, chief executive officer, said this in a blog on Monday, detailing how the cryptocurrency exchange tried to engage with authorities, including a January 8 meeting in Abuja, where it was confronted with criminal allegations.

Read also: Binance: $35m money laundering trial stalled, court adjourns till May 17

Teng stated, “As our employees were leaving the venue, they were approached by unknown persons who suggested to them to make a payment in settlement of the allegations.” The blog did not specify if the individuals were from the Nigerian authorities.

Teng noted that its lawyers were “presented with a demand for a significant payment in cryptocurrency to be paid in secret within 48 hours to make these issues go away” later in the day. A separate New York Times report said the bribe was in the region of $150 million, according to sources it did not name.

Nigeria blames Biance for aiding speculative activities that have contributed to the fall of the naira against the dollar. The country has since clamped down on the activities of the exchange.