The President Bola Ahmed Tinubu led Federal Government has lambasted Binance for bringing up diversionary allegation in a bid to launder its impaired image.
The Federal Government said that Binance is known to be an organization that does not play by the rules and laws guiding business conduct in sovereign nations, stressing that it was aware of its plot to blackmail and soil the integrity of officials by bringing a diversionary allegation of $150million bribery.
Alhaji Mohammed Idris, Minister of Information and National Orientation, made this disclosure in  response to blog posts by many international media organisations in which Binance Chief Executive Officer, Richard Teng, made an allegations of bribery against unidentified Nigerian government officials to the tune of $150m in cryptocurrency payments to resolve the ongoing criminal investigation against the company.
The statement read:  ” The Federal Government of Nigeria is aware of attempts by Binance to launder its impaired image as an organisation that does not play by the rules and laws guiding business conduct in sovereign nations.
“ The minister insisted that the claim by Binance CEO lacked any iota of substance, describing it as a diversionary tactic and an attempted act of blackmail by a company desperate to obfuscate the grievous criminal charges it is facing in Nigeria.

“In a blog post that has now been published by many international media organisations, in an apparent well-coordinated public relations effort, Binance Chief Executive Officer Richard Teng, made false allegations of bribery against unidentified Nigerian government officials who he claimed demanded $150m in cryptocurrency payments to resolve the ongoing criminal investigation against the company.

“This claim by Binance CEO lacks any iota of substance. 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.”