The CEO of Binance, a popular cryptocurrency platform, claimed that some unknown persons, claiming to be agents of Nigerian officials demanded huge payments in cryptocurrency to make their problems in the country “go away”.

Richard Teng, the firm’s chief executive officer (CEO) who took over from founder and former CEO Changpeng Zhao, made the claim in a blog post released Tuesday, May 7, on Binance's website.

He added that the request was made through a local firm it hired.

Speaking on Binance’s issues with the Nigerian government, Teng detailed how the world’s largest cryptocurrency exchange tried to engage with the Nigerian authorities, including a meeting on January 8 in Abuja, where it was confronted with criminal allegations.

Teng said despite multiple requests, Binance had still not received details of the allegations, “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.

He wrote: "We, of course, declined the payment demand via our counsel, not viewing it to be a legitimate settlement offer, and clarified that we would engage in settlement negotiations on the following conditions:

"Binance needs to see the relevant petition and/or the details of all allegations.

"Any settlement must be official, recorded in writing, and signed by all relevant parties.

"Any settlement must encompass all relevant agencies and be in full and final settlement of all allegations, including any potential historic tax liabilities, if applicable, with guarantees.

“While the exact terms of any settlement may have to remain private, there would have to be some public acknowledgement that a resolution has been reached.”

The Binance boss also requested that the company's “contractors and employees are not to be intimidated, harassed, or detained.”

He said the Binance counsel relayed its conditions which Nigerian authorities initially objected to before they later agreed.

In continuation of its engagement with Nigeria, two Binance officials, Nadeem Anjarwalla, a 37-year-old British-Kenyan and Binance’s regional manager for Africa; and Tigran Gambaryan, a 39-year-old US citizen and Binance’s head of financial crime compliance, arrived Nigeria to discuss further terms with the Nigerian government but they were arrested on February 28.

Anjarwalla later fled detention and left Nigeria.

On March 25, Nigeria’s government filed a criminal charge against Binance for “tax evasion”.

Teng appealed to the government to “Let Tigran go home to his family, and then Binance will work through the same process that we have done with Nigeria’s law enforcement community voluntarily more than 600 times in the past.”

He added: "We will always work to protect innocent users, and bad actors are not welcome on our platform. We will work tirelessly with public and private partners to remove them. Furthermore, we will continue engagement with Nigeria’s Federal Inland Revenue Service on resolving potential historic tax liabilities.”

Source: https://www.vanguardngr.com/2024/05/nigerian-officials-demanding-payments-to-end-issues-with-fg-binance-ceo-alleges/

Cheap blackmailing

Crypto has come to stay.

Nigerians n bribe

PDP and LP lawmakers are just disgracing Nigeria while APC is trying to implement economic security measures.

Shame on the useless and bribe seeking opposition.

Maybe to collect the bribe is why their minions on social media have been bad mouthing their own country and asking that those culpable officials of Binance be released.

They have become a lobby group trying to force the government to release those that should face prosecution.

Now Binance is tired of not getting the results promised them and are speaking about this matter just now since when it happened.

Chai!

The lure of filthy lucre.

Naija and bribe

This is funny. It’s just a cheap scam.

What's really the beef between crypto and NG Gov?

Hmmm nigeria is done and gone to the Dogs .even Dogs dont want nothing to do with Nigeria. This nonsense can never happen in Ghana

Watin 9ja no fit do

He never said that , I read where he said Nigerian government officials , that’s what we read in the statement, they approached via the law firm biance hired , the men are known because they still used the same medium to postpone the parliamentary sittings , no beating about the bush

Yahoo boys approached your people bros.

Nigeria is a jungle. Eat or be eaten is the game in the jungle.

hmmm..this is a revealing cleavage

Shame on them.... Not only cybersecurity levy....

I hope you are ready to provide the Criminals that asked you for bribe? If not, your misery with the government is on another level.

You can’t decide to spoil Nigeria name just for cheap blackmail. And to whoever that asked you for $100million bride, the person no goh amount to something great in life. This guy must pay the government nothing less than a billion dollar.

And to the government who thought they can fight crypto, you are nothing but a joke. Something china, USA and other developed countries failed at. Crypto is bigger than Nigeria itself not to talk about the whole world government

Kingsmeal:


You invite mid level employees for a meeting, they attend and they got detained. Keep cheering this nonsénse, while you jump from country to country and plane to plane looking for investors.

You think they don't do their research before throwing their millions? Ride on boy.

Take your reply below....

StOla:


Keep running down your own country to please those who are only after profit of their business and that of their employers.

America did what is good for America, just as Nigeria is doing what is good for Nigeria.

Binance and it's goal to make profit, cannot be more important than America or Nigeria economic stability.

Immense shame on you and your traitorous lineage.

It is not by force to be patriotic, but to always seek out ways to destroy your country, then you are an enemy of the state.

@ the bolded,
God bless you for this.
How we wish we have more reasonable and sensible members like you on this forum.

End of thread.

We Rise ✔️

StOla:

Don't be surprised that such enemies of the state are lobbying to get those guys released so they can be paid their bribe.

You are 100% correct.
They will lose in shame.
Nigeria 🇳🇬 will never favor those who pray and wish for her downfall everyday.

No be curse,
Na FACT.

Only the sane and good Nigerians will eat the fruit of the land.

Ganduje the dollar thief in my mind.
A country that has Tinubu, Ganduje, and Akpabio in one circle pilotting it is in trouble.

The day u understand that Nigeria is not under democracy.
that day you'll be reborn.

EFCC is a useless organization. They will never arrest the bribe seeking Nigerian officials.

Nigerian government and bribery are like 5&6
No surprises

we shall meet in court

At least u acknowledge there's an issue, maybe the Federal government just wanted an out of court settlement.... Why waste money on court proceedings when u can settle out of court.... I see alot of people talk trash about their country because of Binance whose founder was recently jailed in the US for fraud

In November 2023, Zhao agreed to resign from Binance and pay a $50 million fine as part of a guilty plea to U.S. federal charges. Binance also agreed to plead guilty, and to pay $4.3 billion in fines.

Instead of Nigerians to ask logical questions na still us dey support d claim backed with no evidence, 2mrw when they start calling u a thief abroad because you're a Nigerian don't be surprised oh

liar. the owner of LEMFI should be arrested

mcjokee:

Show me a country without corrupt people, it’s not a must to comment and show your stupidity, if those guys are so innocent, why would one of them decide to escape from detention? Do you people even reason at all?
This is getting too much, supporting evil against your country and you feel you can ever make it on this soil?
You won’t my brother.
Your country is your Jerusalem, and whatever you wish her will def be your portion directly or indirectly, you like it or not. Get sense bro!!!

@the bolded, NEVER!
It can neve happen as long a God lives.
Only the sane and good Nigerians will eat the fruit of the land.
Kuku kee dem...

mcjokee:



The guy was trying to enlighten you but you’re hell bent on being a %@@% you people will continue supporting an enemy of your country against your country, yet you claim to be educated? Isn’t that stupidity. Your country is convicting an organisation that has always been encouraging fraudulent activities against its economy, yet you call that evil? How do you define this callousness? I’m ashamed for you and your low self esteem.

Thanks for putting all those enemies of Nigeria 🇳🇬 to their space.
Shameless things they are.

This country is a joke!
The only sector currently working well in Nigeria is attack on PO and Igbos sector

Newlymarried:
Anjarwalla later fled detention and left Nigeria.

helinues:
Cheap blackmailing

You mean Anjarwalla's escape was also a cheap blackmail? Don't you thing the same unknown thieves that collected crypto from Anjarwalla, and helped him escape could have been the same thieves that approached binance team for bribe to kill the case?

Do people that still support these thieves in government have conscience? Just asking for a friend.

StOla:
PDP and LP lawmakers are just disgracing Nigeria while APC is trying to implement economic security measures.

Shame on the useless and bribe seeking opposition.

Maybe to collect the bribe is why their minions on social media have been bad mouthing their own country and asking that thos.

See Nigeria is already in deep mess, you for reasons best known to you distort facts just to paint PDP and LP lawmakers falsely as the culprit, dude the APC government, those prosecuting the issue here is responsible, however whether you’re paid or not, supporting your oppressors is just a cheap way of telling everyone you have been defeated as a person. When the so called lawmakers bought cars, they all got irrespective of party affiliations. You’re busy here typing with limited data most likely waiting for the next handout.