Crypto
Nigeria rejects Binance CEO's bribery claim as 'diversionary tactic' By Reuters
By Camillus Eboh
ABUJA (Reuters) – Nigerian authorities on Wednesday denied allegations from Binance’s CEO of soliciting bribes, saying the claim was a “diversionary tactic” and an “act of blackmail” aimed at undermining ongoing criminal charges against the company.
Binance, the world’s largest crypto exchange, and two of its executives face separate trials on charges of tax evasion and laundering more than $35 million, which the company is challenging.
Tigran Gambaryan, a U.S. citizen and Binance’s head of financial crime compliance, remains in custody while British-Kenyan Nadeem Anjarwalla has fled the country.
CEO Richard Teng in a blog post accused unidentified Nigerian officials of demanding a $150 million cryptocurrency bribe to halt the investigations.
In a statement on Wednesday, Nigeria’s Information Ministry spokesperson Rabiu Ibrahim said the claims “lack any iota of substance”. He accused Binance of attempting to undermine the country’s legal proceedings.
“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,” Ibrahim said.
“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,” he said.
Nigerian authorities claim the bribery allegations are part of a wider campaign by Binance to discredit investigations against the company, citing similar legal troubles in the United States.
Binance did not immediately comment, but in a statement on Tuesday accused Nigeria of setting a dangerous precedent after its executives were invited for talks and then detained as part of a crackdown on the crypto industry.
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Teng’s blog is the latest in a dispute that has already seen Binance close in Nigeria.
Nigeria blamed Binance for its currency problems after cryptocurrency websites emerged as platforms of choice for trading the Nigerian naira as the country grappled with chronic dollar shortages.
Binance said in early March it was stopping all transactions and trading in naira.
Crypto
Cryptoquant CEO Predicts Bull Run Midpoint as Bitcoin Recovers – Market Updates Bitcoin News
Crypto
Top Trader Ditches Bitcoin For Altcoins, 'Dogecoin Killer' Shiba Inu's Potential Breakout And More: This Week In Cryptocurrency
The week was a rollercoaster ride in the world of cryptocurrency. From a top trader’s surprising move to a CEO’s political warning, the crypto market was buzzing with activity. Here’s a quick recap of the top stories that made headlines.
Top Trader Ditches Bitcoin for Altcoins
Renowned cryptocurrency trader Michael van de Poppe shocked the market by announcing that he had sold all his Bitcoin holdings to invest in altcoins. Despite Bitcoin’s recent weak price action, Van De Poppe clarified that his decision was not due to a loss of faith in Bitcoin. Read the full article here.
Uniswap CEO’s Political Warning
Hayden Adams, CEO of Uniswap UNI/USD, criticized the Biden administration for underestimating the political significance of cryptocurrency. Adams likened the administration’s oversight to a severe strategic miscalculation, expressing concern that this could alienate a significant voter base and impact campaign funding. Read the full article here.
See Also: ‘Dogecoin Killer’ Shiba Inu Pumps 6%: ‘I Felt Underexposed,’ Says Trader Who Sees More Short-Term Upside
Millionaire Trader’s Meme Coin Success
Trader ‘Bonk Guy’ revealed a seven-figure profit in 48 hours trading AMC AMC/USD and GameStop GME/USD derivatives on Solana. Bonk Guy invested around $155,000 in trade, which is currently worth $1.3 million, marking 641% gains. He believes the real “meme coin season” hasn’t even begun yet. Read the full article here.
‘Dogecoin Killer’ Shiba Inu’s Potential Breakout
Crypto trader Javon Marks predicts that ‘Dogecoin Killer’ Shiba Inu SHIB/USD could surpass its all-time high of $0.000088598, implying a price appreciation of over 282% from current levels. Marks suggests that the meme coin is currently in an “intermission” phase before continuing its upward trajectory. Read the full article here.
Dogecoin’s Potential Resurgence
Crypto Kaleo expressed his belief in Dogecoin’s DOGE/USD resurgence, attributing it to the retail sector’s renewed risk appetite. He emphasized Dogecoin’s enduring relevance, stating, “Dogecoin isn’t dead. As soon as it starts to catch a bit of a bid, it will move vertical once again.” Read the full article here.
Read Next: Donald Trump’s Election Odds Just Spiked To 51% According To This Crypto Prediction Market
Read Next: Why This Crypto Market Is ‘A Bear Trap’ And Which Coins This Trader Is Backing
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Crypto
Crypto lender Genesis to return $3 billion to customers in bankruptcy wind-down
Crypto lender Genesis Global received a significant victory in bankruptcy court on Friday, securing approval for its liquidation plan that will return approximately $3 billion in cash and cryptocurrency to its customers. The ruling, however, delivers a blow to Genesis’s owner, Digital Currency Group (DCG), which will receive no recovery from the bankruptcy.
U.S. Bankruptcy Judge Sean Lane overruled DCG’s objection to the plan, which centred on the valuation of crypto assets. DCG argued that customer claims should be capped at the value of cryptocurrencies in January 2023, when Genesis filed for bankruptcy. Crypto prices have surged since then, with Bitcoin, for example, rising from $21,084 in January 2023 to its current price of around $67,000.
Judge Lane rejected DCG’s argument, stating that even with the lower valuation, Genesis would have to prioritise paying other creditors, including federal and state financial regulators with claims totalling $32 billion, before distributing funds to its equity owner.
“There are nowhere near enough assets to provide any recovery to DCG in these cases,” Judge Lane wrote in his ruling.
Genesis aims to return funds to customers in cryptocurrency wherever possible, although it lacks sufficient crypto assets to fully repay all outstanding claims.
Sean O’Neal, an attorney representing Genesis, refuted DCG’s assertion that customers could be paid in full based on the lower January 2023 valuations. “We don’t buy into the idea that claims are capped at the petition date value,” O’Neal stated.
Genesis initially estimated in February that it could repay up to 77% of the value of customer claims, subject to future fluctuations in cryptocurrency prices.
This court approval marks a significant step forward in the resolution of Genesis’s bankruptcy, providing much-needed relief to its customers while leaving its owner, DCG, without any financial recovery.
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