Nigeria has recently come forward to refute bribery allegations made by Binance, the world’s largest cryptocurrency exchange, dismissing them as a calculated ploy to divert attention from the exchange’s activities. The response from the Nigerian government follows assertions by Binance’s newly appointed CEO, Richard Teng, that the Nigerian government sought a $150 million cryptocurrency payment to settle a criminal investigation.

Reacting to these claims, Nigerian Ministry of Information spokesman Rabiu Ibrahim has branded Binance’s bribery allegations as unfounded and lacking in substance. He has gone on record stating that the Binance CEO’s assertions are merely intended to deflect attention away from the cryptocurrency exchange’s operations. The Nigerian government strongly refutes any involvement in alleged bribery attempts.

Richard Teng’s blog post recounts a meeting in January where Binance representatives were confronted with criminal allegations by Nigerian officials. Teng further alleges that upon leaving the meeting, Binance staff were accosted by unidentified individuals who insisted on a substantial cryptocurrency payment within 48 hours to resolve the claims. The blog also details the subsequent arrest of Binance staff members in Nigeria.

The Nigerian government perceives Binance’s bribery claims as part of an “orchestrated international campaign” aimed at undermining Nigeria’s reputation. Additionally, the government accuses Binance of resorting to fabricated assertions and negative media campaigns to mitigate criminal prosecutions in multiple countries, including the United States.

Of particular significance is Nigeria’s intensified scrutiny of cryptocurrencies amid concerns about their impact on the local currency, the naira. The Nigerian government attributes part of the currency’s depreciation to foreign exchange control adjustments and heightened volatility. Consequently, the Securities and Exchange Commission has banned person-to-person cryptocurrency trading in the naira and indicated forthcoming regulations for the sector.

Binance has faced additional legal challenges, as its founder, Changpeng Zhao, received a four-month prison sentence in the United States for inadequacies that facilitated cybercriminals and terrorist organizations to trade freely on the platform. Furthermore, the exchange has engaged in a $4.3 billion settlement to address allegations raised by US authorities.

At present, Binance has not responded to the Nigerian government’s refutations or denials. It remains to be seen how the exchange will navigate these allegations or provide additional clarification on the matter. As of the time of writing, Binance’s native token, BNB, is trading at $585, marking a 4.4% increase over the past week.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.