In a bold move to safeguard integrity, Nigerian cryptocurrency stakeholders are pressing Binance to unveil the identity of an alleged bribe proposer. This demand aims to substantiate claims and ensure transparent operations within Nigeria’s growing crypto market.

Nigerian Crypto Leaders Demand Transparency from Binance Amid Bribery Allegations

In a recent report by Cointelegraph, Nigerian cryptocurrency stakeholders have demanded that Binance reveal the identity of the person who approached them with a bribe. They claim that if this information is made public, it will back up their claims.

In separate interviews with the source, local crypto stakeholders stated that Binance's bribery allegations could harm the country's reputation if not handled appropriately.

According to Rume Ophi, executive secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), the Securities Exchange Commission's (SEC) body language during the May 6 meeting demonstrated that the government is eager to see the crypto industry succeed.

However, Ophi warned that Binance might taint the government's reputation, harming Nigeria's crypto business.

"If Binance is trying to make this government look bad and, in turn, create a negative ripple effect for crypto in the country, the stakeholders in Nigeria will not allow that."

Ophi insisted that Binance provide specifics, demanding them to identify persons implicated in the suspected bribery. This, he added, would back up the allegation and allow authorities to rectify any wrongdoing, protecting the country's reputation in the eyes of international exchanges looking to do business in Nigeria.

On May 7, Binance CEO Richard Teng explained the prolonged incarceration of Tigran Gambaryan, a former US Internal Revenue Service agent who previously supervised Binance's financial crime compliance unit.

Teng alleged that anonymous individuals approached exchange staff and offered cash to settle the charges.

Flincap CEO Calls for Clarity on Alleged Bribe Requests Amid Regulatory Scrutiny on Binance

Nathaniel Luz, CEO of Flincap, a cryptocurrency exchange liquidity platform, questioned whether any Nigerian official approached Binance for bribes. However, Luz highlighted that naming particular individuals would assist them in backing up their charges.

In 2023, Nigeria's Securities and Exchange Commission claimed that Binance Nigeria was not registered or regulated by the agency, rendering its operations in Nigeria illegal.

On February 27, the governor of the Central Bank of Nigeria claimed that crypto exchanges in Nigeria were suspected of handling criminal transactions, citing "suspicious flows" of funds at Binance.

As suspicions about Binance's suspected criminal operations in Nigeria grew, the Nigerian House of Representatives Committee on Financial Crimes summoned Binance CEO Richard Teng to testify before the committee by March 4.

Nigerian regulators ordered Binance to delist the naira from its site and provide extensive user information. Gambaryan and Anjarwalla were subsequently detained.

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