”Nigerian Officials demanded crypto payments to make the issues “go away” – Binance

Oluwasegun SanusiMay 7, 20241 Mins read501

Richard Teng of Binance

Binance Holdings Limited, a cryptocurrency platform, has alleged extortion and harassment by authorities in Nigeria. The company asserts that Nigerian authorities demanded a significant payment in cryptocurrency to resolve unspecified allegations. This accusation comes amidst the detainment of one of Binance’s employees in Nigeria.

In a detailed blog post on Monday, Chief Executive Officer Richard Teng of Binance Holdings Ltd. revealed troubling encounters with Nigerian authorities, including an alleged demand for a hefty payment to resolve unspecified issues.

Teng recounted a January 8 meeting in Abuja, where Binance representatives were confronted with criminal allegations. Subsequently, individuals purportedly approached Binance’s local lawyer, demanding a secret cryptocurrency payment of $150 million within 48 hours to make the issues “go away.”

Despite multiple requests, Binance has still not received details of the allegations, “and our employees, therefore, inquired if there was an opportunity to submit our responses in writing and the absence of a public hearing. – Teng said.

There were several reasons for that, including the sensitivity of the information and the opportunity to see the allegations in full and prepare a thorough substantive response.

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 they make a payment to settle 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 noted that the payment request was declined “via our counsel, not viewing it as a legitimate settlement offer.”

Richard Teng also condemned the actions of Nigerian authorities, stating that inviting a company’s employees for collaborative policy meetings only to detain them sets a dangerous precedent globally. Binance insists on the release of its employee arrested, Tigran Gambaryan.