Binance CEO Richard Teng has alleged that officials in Nigeria approached the exchange’s team and offered a secret crypto settlement proposal.   

Teng shared details of the development in a blog post that highlights the ongoing legal troubles around Binance official Tigran Gambaryan. 

Teng, who replaced former Binance CEO Changpeng Zhao, wrote about why Tigran Gambaryan is innocent and should be released.

The US national headed Binance’s compliance team and has been detained in Nigeria since February.  

Teng, however, stated that before the twist of events that led to the Gambarayan’s arrest, Nigerian officials attempted to milk a secret settlement from a Binance delegation.  

According to him, the incident happened early this year and involved a settlement demand paid in cryptocurrency.  

Teng alleged that individuals approached its representatives with the settlement proposal.  

The demand was that if Binance paid up within 48 hours, the concerned parties would “make these issues go away.” Accusations include money laundering and tax evasion.  

Binance reportedly rejected the proposal and an “increasingly concerned” team immediately left Nigeria. In February, Tigran and Nadeem Anjarwalla (head of Binance Africa) travelled to Nigeria and were arrested.  

Commenting on Gambaryan’s detention, Teng says it sets “a dangerous new precedent for all companies worldwide.”