Teng and other Binance executives have maintained the allegations were Unfounded and illegal and vowed not to be railroaded into making any illegal payment.
The Nigerian Government asked for a staggering $150 million bribe to end the money laundering charges against crypto exchange giant, Binance, the company executive has disclosed.
The Chief Executive Officer (CEO) of Binance, Richard Teng, made the startling disclosure on Tuesday in a blog post.
Teng said the bribery was demanded in digital currency, adding that the government officials that made the request assured Binance that their problems would “go away” once the payment is made.
He, however, disclosed that Binance legal representative declined the offer from those undisclosed officials.
Teng and other Binance executives have maintained the allegations were Unfounded and illegal and vowed not to be railroaded into making any illegal payment.
Recall that 0n February 28, the Office of the National Special Adviser (ONSA) detained two executives of Binance as part of an investigation bordering on illegal operations in the country and foreign exchange rate manipulations.
Speaking on Binance’s issues with the Nigerian government, Teng explained how the world’s largest cryptocurrency exchange made an attempt to engage with the authorities, including a meeting on January 8 in Abuja, where it was confronted with criminal allegations.
The Binance CEO said that despite requests, the crypto firm has still not received details of the allegations, saying, “And our employees, therefore, inquired if there was an opportunity to submit our responses in writing and in the absence of a public hearing”.
“There were a number of reasons for that, including the sensitivity of the information and getting the opportunity to see the allegations in full and prepare a thorough substantive response,” he said.
“The meeting ended with the Chair confirming they would consider the matter and revert through Binance’s local counsel.
“However, 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.
“Later that day, our local counsel — representing us at that time — was summoned by the Committee through someone purporting to be their agent, who relayed the Committee’s terms and instructed our local counsel to advise us.
“Counsel reported back that he had been presented with a demand for a significant payment in cryptocurrency to be paid in secret within 48 hours to make these issues go away and that our decision was expected by the morning.
“Our team grew increasingly concerned about their safety in Nigeria and immediately departed.”
Teng said the payment request was declined “via our counsel, not viewing it to be a legitimate settlement offer”.
The CEO said Binance clarified that it would engage in settlement negotiations on the conditions that the relevant petition or the details of all allegations were seen, adding that any settlement “must be official, recorded in writing, and signed by all relevant parties”.
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