Stakeholders within Nigeria's cryptocurrency industry are urging Binance to divulge the identities of those allegedly involved in attempting to bribe its officials and substantiate the claims made.
Rume Ophi, the executive secretary of the Blockchain Technology Stakeholders Association of Nigeria (SiBAN), noted that the demeanor of Nigeria Securities and Exchange Commission (SEC) representatives during the May 6 meeting suggested the government's willingness to engage with the crypto industry. However, Ophi cautioned that Binance's actions could harm Nigeria's cryptocurrency sector by tarnishing the government's image. He emphasized that Nigerian stakeholders would not tolerate any attempts by Binance to disparage the administration and subsequently affect the crypto landscape negatively.
Ophi stressed the importance of Binance providing specific details and identifying individuals involved in the alleged bribery attempt. Such disclosure, according to Ophi, would lend credibility to the accusations and enable authorities to address any wrongdoing effectively, thereby safeguarding Nigeria's reputation among international exchanges eyeing the country as a viable business destination.
Binance CEO Richard Teng responded to the detention of Tigran Gambaryan, a former IRS agent and head of Binance’s financial crimes compliance team, on May 7. Teng explained that unidentified individuals had approached exchange employees, offering payment to resolve the accusations. Nathaniel Luz, CEO of cryptocurrency trading liquidity platform Flincap, expressed skepticism about Nigerian officials approaching Binance but underscored the importance of naming specific individuals to substantiate the claims.
In 2023, the Nigerian SEC declared that Binance Nigeria was operating without registration or regulation, rendering its activities in Nigeria illegal. Moreover, the governor of the Central Bank of Nigeria highlighted suspicions regarding cryptocurrency exchanges processing illicit transactions, singling out Binance's financial flows as "suspicious."
The situation escalated further when Nigerian officials demanded action from Binance, including delisting the Nigerian naira from its platform and providing detailed user information. This prompted the detention of Gambaryan and his colleague Nadeem Anjarwala, heightening concerns over Binance's alleged illegal operations in Nigeria.
