The CEO of Binance, a prominent cryptocurrency platform, stated that individuals claiming to represent Nigerian officials demanded substantial cryptocurrency payments to resolve issues in the country. Richard Teng, the firm’s CEO, made these assertions in a blog post released on May 7. Teng explained that the request was communicated through a local firm hired by Binance.
Regarding Binance’s interactions with the Nigerian government, Teng described attempts to engage authorities, including a meeting in Abuja on January 8, where criminal allegations were raised without detailed information provided to Binance despite multiple requests.
Teng recounted that after the meeting, Binance employees were approached by unknown individuals who suggested a secret cryptocurrency payment to settle the allegations. Subsequently, the company’s local counsel was instructed to advise them on the matter.
However, Binance declined the payment demand through its counsel, insisting on seeing the relevant petition or details of all allegations for settlement negotiations to proceed officially. Teng emphasized the importance of any settlement being documented in writing, encompassing all relevant parties and issues.
Teng also requested that Binance’s contractors and employees not be intimidated or harassed, and he highlighted Binance’s willingness to engage with Nigeria’s Federal Inland Revenue Service regarding potential tax liabilities.
In further engagement with Nigeria, two Binance officials arrived to discuss terms, but one was arrested and later fled detention. Nigeria subsequently filed a criminal charge against Binance for tax evasion. Teng appealed for the release of the detained official and reiterated Binance’s commitment to cooperating with law enforcement while protecting innocent users and removing bad actors from its platform.
