The Federal Government has denied an allegation that some individuals demanded bribes from popular cryptocurrency platform Binance.

Binance Chief Executive Officer Richard Teng, on Tuesday, May 7, 2024, some unidentified Nigerian government officials demanded $150 million in digital currency to resolve the ongoing criminal investigation against the company.

Reacting, Minister of Information and National Orientation Mohammed Idris, in a statement on Wednesday, May 8, said the allegation by the Binance CEO lacks “any iota of substance”.

Idris, in a statement issued by his Special Assistant, Rabiu Ibrahim, said: “It is nothing but a diversionary tactic and an attempted act of blackmail by a company desperate to obfuscate the grievous criminal charges it is facing in Nigeria.

“The facts of this matter remain that Binance is being investigated in Nigeria for allowing its platform to be used for money laundering, terrorism financing, and foreign exchange manipulation through illegal trading.

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“While this lawful investigation was going on, an executive of Binance, who was in court-sanctioned protective custody, escaped from Nigeria, and he is now a fugitive from the law. Working with the security agencies in Nigeria, Interpol is currently executing an international arrest warrant on the said fugitive.

“The phantom bribe claim is part of an orchestrated international campaign by this company that is facing criminal prosecution in many countries including the United States, to undermine the Nigerian government.

“Just a week ago, the founder and former CEO of Binance, Changpeng Zhao, was sentenced to prison in the United States, after pleading guilty to charges very similar to what Binance is being investigated for in Nigeria. In addition, Zhao agreed to pay a fine of $50 million, while Binance is liable for $4.3 billion in fines and forfeitures to the US Government.

“We would like to remind Binance that it will not clear its name in Nigeria by resorting to fictional claims and mudslinging media campaigns. The only way to resolve its issues will be by submitting itself to unobstructed investigation and judicial due process.”

The minister added that the government will continue to act within its laws and international norms, stressing that it “will not succumb to any form of blackmail from any entity, local or foreign”.

The Star