In a sharp rebuttal to allegations made by Binance Holdings, Nigeria has vehemently denied any involvement in bribery attempts, labeling the claims as a ploy to deflect attention from the exchange's own actions. The Nigerian government's response comes on the heels of accusations leveled by Binance CEO Richard Teng, who claimed that a Nigerian government official sought illicit payments to settle ongoing legal issues.

Ministry of Information spokesman Rabiu Ibrahim denounced Teng's assertions, dismissing them as baseless and lacking credibility. "Teng made false allegations of bribery against unidentified Nigerian government officials who he claimed demanded $150m in cryptocurrency payments to resolve the ongoing criminal investigation against the company," Ibrahim stated. He further characterized Binance's accusations as a "diversionary tactic and an attempted act of blackmail."

The Federal Government of Nigeria, through its Ministry of Information and National Orientation, issued a press statement condemning Binance's attempt to salvage its tarnished reputation through unfounded claims. Mohammed Idris, an official representative, emphasized that Binance cannot rehabilitate its image in Nigeria through fictitious accusations and smear campaigns. "The only way to resolve its issues will be by submitting itself to unobstructed investigation and judicial due process," Idris asserted.

The exchange's silence in response to inquiries from Cryptonews only adds fuel to the fire, deepening suspicions surrounding its conduct. Moreover, reports of alleged threats and clandestine deals involving Binance employees further complicate the situation. Teng alleges that Nigeria's House Committee on Financial Crimes (HCFC) resorted to intimidation tactics, including threats of arrest and travel bans on Binance staff.

The saga between Binance and Nigeria escalated dramatically when two of the exchange's executives, Tigran Gambaryan and Nadeem Anjarwalla, found themselves detained in Nigeria without valid justification. Their subsequent ordeal, marked by charges of money laundering and tax evasion, underscores the gravity of the dispute. Anjarwalla's audacious escape, followed by his recapture in Kenya, underscores the high stakes involved.

Nigeria's decision to block access to Binance and other cryptocurrency platforms reflects the government's determination to address concerns about capital flight and illegal financial activities. However, the move has sparked controversy, with critics arguing that it exacerbates the country's economic woes. The standoff between Nigeria and Binance underscores broader tensions surrounding cryptocurrency regulation and its implications for national economies. As the conflict unfolds, both parties remain entrenched in their positions, leaving the resolution uncertain.