Binance lists conditions for settlement negotiations with Nigeria
Binance CEO, Richard Teng has listed conditions for settlement negotiations with the Nigerian government
World’s largest cryptocurrency exchange, Binance has listed conditions for settlement negotiations with the Nigerian government.
Nigerian authorities had earlier this year asked Binance to pay a $10 billion fine for infractions.
The CEO of Binance, Richard Teng on Tuesday, however, claimed that some agents of Nigerian officials demanded secret payment to make its problems “go away”.
Teng who took over from founder and former CEO, Changpeng Zhao, said in a blog on Binance’s website that the request was made through a local law firm it hired.
The new CEO said the company, of course, declined the payment demand via their counsel, not viewing it to be a legitimate settlement offer, and clarified that they would engage in settlement negotiations on some conditions.
“Binance needs to see the relevant petition and/or the details of all allegations,” Teng said.
“Any settlement must be official, recorded in writing, and signed by all relevant parties.
“Any settlement must encompass all relevant agencies and be in full and final settlement of all allegations, including any potential historic tax liabilities, if applicable, with guarantees.”
He said while the exact terms of any settlement may have to remain private, there would have to be some public acknowledgment that a resolution has been reached.
Teng also demanded that there should be no public hearing before the Committee while Binance contractors and employees are not to be intimidated, harassed or detained.
The CEO added that the company’s counsel relayed Binance’s conditions, to which initially objection was taken.
“However, we were informed by our counsel that the Committee
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