Nigerian authorities have refuted claims made by Binance's CEO regarding solicitation of bribes, labeling the accusations as a "diversionary tactic" and an "act of blackmail" aimed at undermining ongoing criminal proceedings against the company.

Binance, recognized as the world's largest cryptocurrency exchange, along with two of its executives, faces separate trials on charges of tax evasion and laundering exceeding $35 million, which the company vehemently contests. While Tigran Gambaryan, Binance's head of financial crime compliance and a U.S. citizen, remains in custody, British-Kenyan Nadeem Anjarwalla has fled the country.

CEO Richard Teng, in a blog post, pointed fingers at unidentified Nigerian officials, alleging their demand for a $150 million cryptocurrency bribe to halt investigations.

However, Nigeria's Information Ministry spokesperson Rabiu Ibrahim dismissed these claims on Wednesday, asserting that they "lack any iota of substance." Ibrahim accused Binance of attempting to undermine Nigeria's legal proceedings, labeling the allegations as a diversionary tactic and an act of blackmail.

He reiterated Nigeria's stance, emphasizing that Binance is under investigation for purportedly enabling its platform to facilitate money laundering, terrorism financing, and foreign exchange manipulation through illicit trading. Nigerian authorities view the bribery allegations as part of a broader campaign by Binance to discredit ongoing investigations, referencing similar legal challenges faced by the company in the United States.

While Binance refrained from immediate comment, a previous statement accused Nigeria of establishing a dangerous precedent, following the detention of its executives during what was purportedly a dialogue and subsequent crackdown on the cryptocurrency industry.

The blog post authored by Teng represents the latest development in an escalating dispute that led to Binance suspending operations in Nigeria. Nigeria has previously pointed fingers at Binance for exacerbating its currency woes, particularly as cryptocurrency platforms emerged as preferred avenues for trading the Nigerian naira amidst chronic dollar shortages. Binance announced in early March its decision to cease all transactions and trading involving the naira.