In a recent blog post, Richard Teng, CEO of Binance, disclosed disturbing events surrounding the detention of two Binance executives by Nigerian authorities, shedding light on alleged cryptocurrency bribery demands prior to their arrest.
Teng detailed how Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, engaged with Nigerian authorities, including a high-level meeting set up with around 30 government agencies in Abuja on January 8.
Despite assurances of safe passage for the meeting, the situation took a troubling turn when unknown individuals approached Binance employees, demanding cryptocurrency bribes to resolve the regulatory concerns.
The demand for payment in cryptocurrency was relayed through the committee’s purported agent, posing serious safety concerns for Binance’s team in Nigeria.
Consequently, Binance declined the payment demand, viewing it as illegitimate.
Following this incident, Binance executives were invited to meet with the Office of the National Security Adviser (ONSA) in Abuja on February 26, 2024, in what was hoped to be a diplomatic resolution effort.
However, the meeting took an unexpected hostile turn when officials from the Economic and Financial Crimes Commission (EFCC) appeared and characterized the issues involving Binance as matters of national security. This led to the arrest and subsequent detention of the two executives.
The sequence of events outlined by Teng underscores the challenges faced by Binance in navigating regulatory issues in Nigeria, including alleged tax evasion accusations from the Federal Inland Revenue Service (FIRS).
Despite Binance’s efforts to engage with Nigerian authorities, the situation has escalated, prompting Binance to suspend certain trading activities in response to the incident.
