Nigeria Responds: Binance Bribery Allegations “Distraction Tactics”, and other News

Nigerian authorities respond to a post by Binance CEO Richard Teng, who stated on his blog that Coinbase had been required to pay $150 million to resolve an ongoing criminal investigation.

Bloomberg reports that the spokesperson for the Nigerian Ministry of Information, Rabiu Ibrahim, denied the bribery accusations made by Teng, considering them unfounded.

Ibrahim added that Teng’s claim is simply “a diversionary tactic,” intended to divert attention from Coinbase’s illegal activities in Nigeria.

According to Teng’s blog, Binance attended a meeting called by Nigerian officials last January, in which criminal accusations were made against the company. Teng reports that after the meeting, unknown persons approached Binance executives to demand a payment in cryptocurrencies that had to be made within the following 48 hours, in order to resolve the accusations. In response to this report, the Nigerian government firmly denies having been involved in said extortion.

In his blog, Teng also recounts how two Binance executives summoned to the meeting were arrested. One of them, Tigran Gambaryan, remains in custody, and his trial will start at the end of this month.

Nigeria Accentuates Its Cryptocurrency Scrutiny

Nigerian authorities insist that Binance’s accusations are part of an “international campaign” orchestrated to damage the African country’s reputation. Additionally, they accuse Binance of creating a matrix of fictitious information through confusing media campaigns to clear its name, facing several criminal proceedings in various countries, including the US.

The Nigerian government has been analyzing the cryptocurrencies’ role in the depreciation of the naira, its local currency. They attribute this to adjustments in exchange control, as well as the increasing volatility. They have taken some measures to address such concerns. The Securities and Exchange Commission, for example, has banned peer-to-peer cryptocurrency trading in naira, and announced new regulations for this sector.

Binance founder Changpeng Zhao, in addition to facing problems in several countries, including Nigeria, is currently serving a 4-month prison sentence in the US, for failing to resolve flaws in the Binance platform that allowed Cybercriminals and terrorists trade freely.

On the other hand, the Stock Exchange agreed to pay $4.3 billion to resolve the accusations raised by US authorities.

Binance has refused to respond to the Nigerian government’s allegations. It remains to be seen if and how Binance will address the situation, or if there will be clarifications on the allegations raised.

BNB Forecast

Currently, BNB, the exchange’s native token, is trading at $585, which is up 4.4% over the past week.

According to Coincodex, and based on data available as of May 09, 2024 at 00:17, the general Binance Coin price prediction sentiment is bullish, with 26 technical analysis indicators signaling bullish signals, and 3 signaling bearish signals.

Amid Political Uncertainty, UK Official Warns Against Strict Crypto Regulations

Last February, the Economic Secretary to the Treasury of the United Kingdom government, Bim Afolami announced the government’s intention to introduce new regulations for stablecoins and staking services. However, Afolami is currently advocating for the prompt implementation of such legislation.

With the general elections imminent, Afolami is confident that these regulations will be enacted in the coming weeks, prioritizing stability and security in the crypto space.

However, on May 8, Afolami expressed his concern at about the current regulatory measures, which, in his opinion, are too strict. His announcement took place during the Financial Times Cryptocurrency and Digital Assets Summit.

By Leonardo Perez