The CEO of Binance makes serious accusations, claiming that government officials in Nigeria are requesting cryptocurrency bribes to resolve tax evasion accusations.
Binance CEO Richard Teng has claimed that Nigerian officials approached the exchange’s team and proposed a confidential crypto settlement. Teng detailed this development in a blog post discussing the ongoing legal issues involving Binance official Tigran Gambaryan.
Replacing former CEO Changpeng Zhao, Teng advocated for Gambaryan’s innocence and release. Binance, along with Gambaryan and Nadeem Anjarwalla, faces individual trials over tax evasion and money laundering charges, which the firm is disputing.
The Escape
Anjarwalla reportedly escaped custody and left Nigeria with a smuggled passport, according to Nigeria’s National Security Adviser.
Teng revealed that meetings with Nigerian authorities took place in January 2024, with subsequent demands made in February. Nigerian authorities labeled Binance’s issues as matters of national security, requesting delisting of the naira currency and detailed information on Nigerian users.
Gambaryan has been detained in Nigeria for over two months under, as Teng claims, questionable circumstances. Teng alleged that individuals approached Binance representatives with a settlement proposal, which included accusations of money laundering and tax evasion.
Binance halted naira transactions
Binance halted naira transactions and trading in early March. Currently, the Federal Inland Revenue Service (FIRS) in Abuja filed legal proceedings against Binance, alleging four instances of tax evasion.
These allegations include failure to remit Value Added Tax (VAT) and Company Income Tax (CIT), non-compliance with tax return filing obligations, and facilitating tax evasion for users. The lawsuit also accuses Binance of not registering for tax purposes and violating the country’s tax laws. According to the FIRS, one of the counts pertains to Binance’s alleged failure to collect and remit various taxes as stipulated by the FIRS Establishment Act 2007.
