The Federal Government of Nigeria has vigorously rejected allegations made by Binance, one of the top cryptocurrency exchanges globally, about a purported $150 million bribe demand made by public officials.

Richard Teng, the CEO of Binance, had claimed that in order to end their continuing inquiry into the firm, Nigerian authorities had requested an astounding $150 million in cryptocurrency.

However, in a statement given to media on Wednesday in Abuja, Minister of Information and National Orientation Mohammed Idris claimed that the assertion made by the CEO of Binance was completely unfounded.

He claimed it was nothing more than a ploy to divert attention away from the serious criminal allegations the corporation is facing in Nigeria and an effort at blackmail.

Idris reaffirmed that the investigation into Binance’s involvement in money laundering, financing terrorism, and manipulating foreign exchange through illicit trading is still ongoing in Nigeria.

He added that an official of Binance who was under court-approved protective custody fled Nigeria and is currently a fugitive of the law while a legitimate inquiry was underway.

But, he added, INTERPOL is presently carrying out an international arrest warrant on the aforementioned fugitive in collaboration with Nigerian security services.

He pointed out that this corporation is being prosecuted criminally in other nations, including the US, for its masterful worldwide campaign to destabilize the Nigerian government, which included the faux bribe claim.

He emphasized that Changpeng Zhao, the founder and former CEO of Binance, was sentenced to prison in the United States just one week ago after entering a guilty plea to crimes that are strikingly identical to those for which Binance is under investigation in Nigeria.

The Minister added that although Binance owes the US government $4.3 billion in fines and forfeitures, Zhao has consented to pay a $50 million fee.

“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,” he said.

Idris further said that the Nigerian government would not give in to blackmail of any kind from any source, domestic or foreign, and would keep acting in accordance with the law and international standards.