The allegations of bribery made by Binance CEO Richard Teng against unnamed government officials have been dismissed as baseless by the Federal Government, who claim it is simply a tactic to deflect attention away from the organization’s illicit practices in Nigeria. Mohammed Idris, the Minister of Information and National Orientation, has issued a statement revealing that the Nigerian government is fully informed about Binance’s attempts to circumvent regulations and laws governing business operations in independent countries like Nigeria.
Alhaji Idris dismissed the bribery allegations made by Binance against unidentified government officials as groundless. He described this act as a carefully planned strategy to evade the criminal investigation currently underway against the cryptocurrency exchange company. The minister of information and national orientation stated that Binance is currently under investigation for potential involvement in the facilitation of illegal activities such as money laundering, funding terrorism, and manipulating foreign exchange rates through unauthorized trading on its platform.
Binance is engaged in a coordinated global effort to discredit the gov’t.
Also, the Binance executive, who was under the protection of the court, managed to escape from Nigeria and is currently on the run from law enforcement, according to the statement of the Minister of Information and National Orientation. According to Idris, Binance is engaged in a coordinated global effort to discredit the Nigerian government through Corruption accusations, as the company is also under investigation and facing legal action in multiple countries, including the United States (U.S.).
About a week ago, it was reported that Changpeng Zhao, the founder and ex-CEO of Binance, had been sentenced to prison in the United States. This was due to him admitting guilt to charges that closely resembled the ongoing investigation of Binance in the country. The minister made it clear that Zhao was willing to pay a $50 million penalty, whereas Binance faces a total of $4.3 billion in fines and assets forfeited to the US government.
Nigeria is committed to upholding its legal framework.
More so, the Minister emphasized that in order for Binance to redeem its reputation, it must subject itself to a thorough investigation and fair legal process, rather than relying on false accusations and smear tactics in the media. Idris stated that Nigeria is committed to upholding its legal framework and adherence to global standards, and will not yield to pressure or manipulation from any source, whether domestic or international. In other news, Mallam Nuhu Ribadu, the National Security Adviser (NSA), has been summoned by the House of Representatives.
Essentially, the appearance of Mallam Nuhu Ribadu is requested to provide clarification on the situation regarding the escape of the officials from Binance Executives, a Cryptocurrency Exchange company. Ifeanyi Okafor, a representative from Aguata Federal Constituency in Anambra State, expressed deep concern over the escape of the Binance Executives from the Office of National Security Adviser (NSA), describing it as a significant issue of urgent public importance and a source of national shame to the country.
Related Article: FG Advised to Release Detained Binance Execs
It was observed by The House that there are concerns regarding the location of the Binance executives who were initially detained after allegedly committing a crime against Nigeria through their Cryptocurrency exchange company. The decision was made by the House for the NSA to transfer the investigation of the Binance Executive’s escape to the Department of State Security (DSS), citing a conflict of interest for the NSA to preside over its own case. The committees will review the motion and provide additional legislative insights before any decisions are made.