Richard Teng, the CEO of Binance, a leading cryptocurrency trading platform, has alleged that unidentified individuals demanded cryptocurrency as a bribe from its executives, Tigran Gambaryan and Nadeem Anjarwalla, prior to their detention on February 28, 2024.

In a blog post released on Tuesday on Binance’s website, Teng outlined the sequence of events, including a January 8 meeting in Abuja with Nigerian authorities, where the executives were accused of criminal activities. Despite the seriousness of the meeting, which involved around 30 government agencies, it was revealed that the committee lacked the authority to issue arrest warrants. Following this, Gambaryan received a message during a trip to Nigeria in January, interpreted as a request for a $150 million cryptocurrency bribe.

The situation escalated further when Anjarwalla was detained on the orders of the National Security Adviser, leading to his subsequent escape and relocation to Kenya. Gambaryan, on the other hand, has been held in Kuje Correctional Facility, facing charges of tax evasion and money laundering alongside Binance.

Despite a demand for cryptocurrency payment within 48 hours to resolve the issues, Binance declined the request via their legal counsel, citing its lack of legitimacy.

The Federal Government of Nigeria has confirmed discussions with Interpol to secure an international arrest warrant for Anjarwalla and his extradition to Nigeria.