Binance, the renowned cryptocurrency exchange, disclosed that Nigerian government authorities demanded a staggering $150 million in bribes to quell legal actions against its executives, igniting a fierce dispute between the exchange and the government.

Alleged Bribery Scandal Unfolds

On Tuesday, Binance, the world's largest cryptocurrency exchange, said Nigerian government authorities approached it for $150 million in bribes to avoid legal proceedings against Binance executives Tigran Gambaryan and Nadeem Anjarwalla, as per Coingape.

Binance was asked to make the covert payment in cryptocurrency using an account on its crypto exchange. The executives denied paying payments to officials.

Binance has been asked to pay $150 million to resolve issues.

Richard Teng, CEO of Binance Holdings, stated on May 7 that President Bola Ahmed Tinubu's administration has approached Binance staff to extract a huge sum of money to resolve tax evasion and money laundering allegations.

Binance attempted to interact with Nigerian authorities, including a meeting on January 8 where criminal claims were leveled against officials.

“As our employees were leaving the venue, they were approached by unknown persons who suggested to them to make a payment in settlement of the allegations. Binance lawyer was presented with a demand for a significant payment in cryptocurrency to be paid in secret within 48 hours to make these issues go away,” Richard Teng stated.

According to the Peoples Gazette and the New York Times, Nigerian government officials were accused of soliciting $150 million in bribes to resolve recent fraud allegations. Binance has maintained that the claims are baseless and illegal, with Binance officials held even after court orders expired.

Binance Executives Detained Amidst Turmoil

Binance executives Tigran Gambaryan and Nadeem Anjarwalla were detained in February, the latest setback for the cryptocurrency exchange after Changpeng Zhao resigned and Binance paid $4.3 billion in fines to settle the U.S. case. DOJ claims include money laundering.

Nadeem Anjarwalla escaped custody, possibly bribed officials with cryptocurrency, and fled to Kenya. Kenyan authorities then denied detaining Anjarwalla for fleeing from detention.

Nigerian authorities have charged Binance and its compliance officer, Tigran Gambaryan, with tax evasion and money laundering. Nigerian officials blamed cryptocurrency, particularly Binance, for the fall of the country's Naira currency.

Binance CEO Richard Teng argues for the release of executive Tigran Gambaryan amid the Nigerian detention crisis, emphasizing fairness and business integrity. Gambaryan's trial has been postponed until May 17.

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