The Nigerian government has issued a press release denying Binance's CEO, Richard Teng, accusations that it attempted to bribe the crypto exchange for $150 million. Rabiu Ibrahim, the Special Assistant to the Minister of Information and National Orientation, added that the accusations are unfounded.

Ibrahim also said the allegations are a desperate move by Binance to undermine the Nigerian government and divert attention away from the legal problems it faces in the African nation.

"This claim by Binance CEO lacks any iota of substance. It is a diversionary tactic," Ibrahim said in the press release.

Binance's Bold Accusations

Teng accused Nigerian officials of detaining two Binance executives and demanding a bribe for their release and a cease-investigation. In a blog post, Teng also said the Nigerian authorities are corrupt and acting against the law.

The Core of the Dispute

"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," Ibrahim said.

No Backing Down

The Nigerian government says the false bribery accusations will not deter them from their ongoing investigation into Binance's operations.

"Binance's claims will not deter the government's investigations," Ibrahim concluded.