Binance Holdings Ltd. has revealed that it has been requested that a significant payment be made in Nigeria to resolve ongoing issues. 

The company has also reiterated its plea to release its incarcerated employee in the West African nation.

Binance CEO Reveals Nigeria Demanded Bribe

Chief Executive Officer Richard Teng shared his perspective in a blog post on Monday, providing insights into the efforts made by the world's largest cryptocurrency exchange to communicate with Nigerian authorities. 

On January 8, exchange executive Tigran Gambaryan and a group of Binance employees met with the lawmakers. 

According to The New York Times, the meeting became heated as the lawmakers publicly listed a series of allegations against Binance, including tax violations. 

Teng was also warned about a possible arrest warrant being issued against him. Teng noted that people they didn't know after the meeting approached the Binance employees.

These individuals proposed a bribe as a means to resolve the allegations.  Later, according to Teng's account, a local lawyer representing Binance had a conversation with an individual claiming to be an agent of the House committee.

According to Teng, the individual claiming to be an agent insisted on receiving a substantial payment in cryptocurrency, to be made discreetly within 48 hours, to resolve these matters. The approximate amount was $150 million.

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Local Ties Recommend Binance Meeting in Nigeria

In his post on Tuesday, Teng mentioned that Binance had received assurances regarding Gambaryan's safety upon his return to Nigeria. 

According to Teng's statement, an individual with solid local ties suggested that Binance officials arrange a meeting with the office of the Nigerian national security adviser.

Gambaryan and Anjarwalla attended the February 26 meeting. After a lengthy talk, Teng said a Nigerian financial crimes official told Gambaryan, "Everything was progressing well."

Many Nigerian officials entered the room, demanding that Binance release user data. The firm denied their request. Gambaryan and Anjarwalla were imprisoned for three weeks in a guarded enclosure without their passports.

Their lawyers learned of impending charges on March 22. Anjarwalla fled the next day. 

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