Allegations of bribery have surfaced as Richard Teng, the Chief Executive Officer (CEO) of Binance, claimed that Nigerian government officials sought a bribe from the company to halt an ongoing investigation.

In a blog post published on Tuesday, Teng disclosed that Binance had encountered government officials in Abuja on January 8, where the company was accused of criminal activities related to illegal operations and forex rate manipulations in Nigeria.

Following the meeting, Teng asserted that individuals claiming to represent the government approached Binance, proposing a payment to settle the allegations within 48 hours.

Rejecting the offer through legal representation, Binance demanded an official resolution of all outstanding matters.

According to him, the organization “inquired if there was an opportunity to submit our responses in writing and in the absence of a public hearing”.

“There were a number of reasons for that, including the sensitivity of the information and getting the opportunity to see the allegations in full and prepare a thorough substantive response,” he said.

“The meeting ended with the Chair confirming they would consider the matter and revert through Binance’s local counsel.

“However, as our employees were leaving the venue, they were approached by unknown persons who suggested to them to make a payment in settlement of the allegations.

“Later that day, our local counsel — representing us at that time — was summoned by the Committee through someone purporting to be their agent, who relayed the Committee’s terms and instructed our local counsel to advise us.

“Counsel reported back that he had been presented with a demand for a significant payment in cryptocurrency to be paid in secret within 48 hours to make these issues go away and that our decision was expected by the morning.

“Our team grew increasingly concerned about their safety in Nigeria and immediately departed.”

In response, Binance declined the payment request via legal counsel, deeming it illegitimate. Teng emphasized the company’s readiness to engage in settlement negotiations under transparent conditions, including the provision of detailed allegations and official, documented agreements signed by all relevant parties.

The unfolding situation underscores heightened tensions surrounding the investigation and highlights Binance’s commitment to transparency and due process amidst legal challenges.