Binance Alleges Coercion by Nigerian Officials; SEC Delays Ether ETF Bid; Block, Inc. to Raise $1.5B
Summary:
The CEO of Binance, Richard Teng, has revealed allegations of Nigerian officials attempting to secretly negotiate a cryptocurrency settlement with Binance employees during public investigation hearings. Meanwhile, the U.S. Securities and Exchange Commission has delayed its decision on the Ether ETF bid from Galaxy Invesco until July 5. On the other hand, Block, Inc., led by Jack Dorsey, has announced plans to raise $1.5 billion through a senior notes offering targeted at institutional investors.
The CEO of Binance has shed light on the alleged coercion of its employees by Nigerian officials, suggesting an under-the-table cryptocurrency settlement was proposed. In the same vein, the approval of Galaxy's Ethereum ETF bid by the US securities regulatory body has been put on hold. In other news, Block, Inc. is set to procure a staggering $1.5 billion through a senior notes offering.
Binance CEO Richard Teng has revealed allegations that officials from Nigeria attempted to secretly gain a cryptocurrency settlement from the company during meetings conducted in 2024. He revealed these allegations in a comprehensive description of an ongoing detainment case involving Tigran Gambaryan, a former US Internal Revenue Service agent and Binance's head of the financial crime compliance team.
Teng shared that talks between Binance workers and Nigerian authorities were initiated during open investigative hearings that were requested by the head of the House of Representatives Committee on Financial Crimes (HCFC). This committee is said to have shed light on issues dealing with Binance's operations in Nigeria, and the extent they were willing to go to implicate Binance, which included arrest warrants for the CEO and the team and preventing them from leaving Nigeria.
Teng claims that anonymous individuals approached Binance members and proposed settling the accusations with a payment. Terms from an agent allegedly representing the HCFC committee were given to Binance's local legal team. Binance refused the payment demand and resumed negotiations through its local legal team, putting forth a series of requests to continue dialogue with the Nigerian authorities.
Elsewhere, the United States Securities and Exchange Commission has delayed its judgment on the Ether (ETH) ETF application by Galaxy Invesco, setting the next deadline for July 5. The SEC claimed it needed more time to contemplate the amendments and issues involved. Other Ether ETF applications have also been postponed by the SEC. The ultimate deadline for VanEck's bid is May 23, which Bloomberg ETF expert James Seyffart has labeled as being crucial.
Block, Inc., led by Jack Dorsey, has revealed plans to amass billions of dollars from institutional investors. The fintech firm intends to allot $1.5 billion in senior notes to target banks, pension funds, mutual funds, and affluent investors. Fitch Ratings, a big three credit ratings agency, stated that Block is in a suitable condition for capitalizing on long-term growth opportunities in payments and financial services for consumers.
Dorsey recently made news by announcing that Block intends to gradually invest in Bitcoin every month. Block's most recent quarterly report shows a 26% YoY increase in Bitcoin revenue, totaling $2.73 billion.
Published At
5/7/2024 4:00:43 PM
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