Binance CEO Richard Teng revealed that unknown individuals demanded cryptocurrency bribes from Binance executives before their detention by Nigerian authorities.
“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” — Binance CEO, Richard Teng.
Later that day, Binance’s local lawyer was “presented with a demand for a significant payment in cryptocurrency to be paid in secret within 48 hours to make these issues go away” — Binance CEO, Richard Teng.
Despite meetings intended to resolve regulatory concerns with around 30 Nigerian agencies, Binance executives were detained after refusing to pay the bribes. Concurrently, Binance faces legal challenges from the Federal Inland Revenue Service (FIRS) for alleged tax evasion, complicating its operational status in Nigeria.
The Nigerian government has demanded almost $10 billion in compensation from Binance, accusing the cryptocurrency firm of manipulating foreign exchange rates through currency speculation and rate-fixing.
According to the Nigerian government, these actions have contributed to the significant devaluation of the naira in recent months.