Nigerian Crypto Stakeholders Demand Transparency from Binance Over Alleged Bribe
Summary:
Major figures in Nigeria's cryptocurrency scene are asking Binance to disclose the person who allegedly offered them a bribe, in order to validate their claims. These stakeholders fear that mishandling of this bribery accusation could harm Nigeria's reputation. Rume Ophi from the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) expressed that while the government seems supportive of the crypto industry, Binance's alleged actions could damage their reputation, negatively affecting Nigeria's burgeoning cryptocurrency sector in the process. The story also covers various high-level responses to the issue, emphasizing the need for clarity and investigation.
Nigerian crypto-influencers are calling for Binance to expose the identity of the agent who reportedly offered them a bribe, in order to substantiate their claims. Speaking with Cointelegraph, they discussed how the alleged bribery by Binance could tarnish Nigeria's international reputation if not appropriately managed. Rume Ophi, Executive Secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), revealed the Securities Exchange Commission (SEC) indicated at a meeting on May 6 that the government is geared towards supporting the crypto industry. However, he warned of how Binance's actions could potentially damage the government's reputation and subsequently impact Nigeria's crypto sector negatively. Ophi stated, "We won't allow Binance to depict the government negatively and in turn, adversely affect the crypto industry in Nigeria". He urged Binance to provide specific details, including identifying those involved in the supposed bribe, insisting it would authenticate their claims and allow authorities to investigate any misdeeds, thereby maintaining Nigeria's standing in the eyes of global exchanges looking to conduct business in Nigeria. Binance's CEO, Richard Teng, gave a detailed explanation concerning the continuous detention of Tigran Gambaryan, a former agent of the US Internal Revenue Service who was previously in charge of Binance’s financial crime compliance team. Teng asserted that unidentified persons approached the exchange's workers and proposed a settlement payment to dissolve the allegations. Ceo of Flincap, a cryptocurrency exchange liquidity platform, Nathaniel Luz, expressed doubts that a Nigerian official would solicit bribes from Binance. However, Luz emphasized that naming these individuals would strengthen their allegations. In 2023, Binance Nigeria was declared unregistered and unregulated by Nigeria's Securities and Exchange Commission, thus, its operations in Nigeria were deemed illegal. The Central Bank of Nigeria's governor stated on February 27 that cryptocurrency exchanges in Nigeria were suspected of managing illicit transactions, highlighting "suspicious flows" of funds at Binance. As increased suspicions arose about Binance’s supposed illegal operations in Nigeria, Richard Teng, CEO of Binance was commanded by the Nigerian House of Representatives Committee on Financial Crimes to appear before the committee before March 4. Tensions escalated when Nigerian officials made certain requests from Binance, including delisting the naira from their platform and giving detailed user data, leading to the detention of Gambaryan and Anjarwalla.
Published At
5/8/2024 3:13:53 PM
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