In a startling revelation, Richard Teng, CEO of Binance, a global cryptocurrency platform, has unveiled an extortion scheme orchestrated by unidentified individuals in Nigeria. According to Teng’s blog post, these individuals demanded substantial payments of N207B in digital currency to resolve purported issues within the country.

This revelation follows the detention of two senior Binance executives by the Nigerian government on February 28. Among those detained were Nadeem Anjarwalla, Binance’s regional manager for Africa, and Tigran Gambaryan, the head of financial crime compliance, both prominent figures within the cryptocurrency realm.

The detention forms part of a broader investigation into alleged illegal activities and foreign exchange rate manipulations associated with Binance’s operations in Nigeria.

Credit: Sahara Reporters