Tensions are rising between the Nigerian House of Representatives and global cryptocurrency giant Binance over allegations of a $150 million bribery scandal.
Nigerian lawmakers have accused Binance of attempting to bribe government officials to evade regulatory scrutiny and continue its operations unchecked.
Recall that Gambaryan made the allegations on his X handle on Friday, naming Ginger Onwusibe, Philip Agbese and Peter Akpanke as the lawmakers.
He claimed the legislators asked him to wire the funds to their cryptocurrency wallets.
As of the time of this report, Onwusibe and Agbese had denied the allegation, threatening to seek redress in court.
In a swift response, the House Committee on Financial Crimes has launched an investigation into claims that the crypto exchange funneled illicit funds to key figures in Nigeria’s financial sector to influence policy decisions in its favor.
The Chairman of the House of Representatives Committee on Financial Crimes, Mr. Ginger Obinna Onwusibe, has categorically denied allegations that bribes were solicited from Binance and its executives, describing the claims as false, malicious, and defamatory.
In a statement titled ‘Limited Reaction to False, Malicious, and Defamatory Publications Against Me by Tigran Gambaryan of Binance,’ Onwusibe refuted any claims of coordination between his committee and the Office of the National Security Adviser (ONSA), the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), or the Nigerian Financial Intelligence Unit (NFIU).
The lawmaker highlighted that the allegations originated from Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, who shared these claims on social media and with international media outlets such as NPR and WIRED.
Onwusibe clarified that his committee’s investigation into Binance was prompted by a petition from a civil society organisation alleging financial and economic crimes.
He outlined the timeline of events, stating that Binance had requested a pre-hearing meeting prior to the official public hearing. This meeting was held on 8 January 2024 in his absence, as he was on official duty elsewhere. The official hearing was scheduled for 10 January 2024, but Binance’s CEO, Richard Teng, failed to attend, leading to multiple rescheduled dates, which were also disregarded.
Following Binance’s continued non-compliance, Onwusibe filed a defamation lawsuit against the company and its CEO, seeking $3 billion in damages. This case, filed in September 2024, is currently pending before the High Court of the Federal Capital Territory in Abuja.
The statement also referenced Binance’s history of legal issues, including fines and convictions in the U.S., Canada, India, and Uzbekistan for violations related to money laundering and unlicensed operations. Onwusibe alleged that Binance had resorted to blackmail and misinformation to evade accountability in Nigeria.
He reaffirmed his commitment to clearing his name through legal means, insisting that neither he nor his committee solicited bribes at any point during the investigation.
In his statement, Onwusibe remarked, “My attention has been drawn to the publication by Mr. Tigran Gambaryan, Head of Financial Crime Compliance at Binance, on his X (formerly Twitter) handle today, Friday, 14 February 2025.
“I have been inundated with thousands of phone calls, WhatsApp messages, SMS texts, and visits from colleagues and others at the National Assembly.
“I initially chose not to respond because the issues raised are sub judice, being the subject of a pending court action I initiated against Binance and its CEO, Mr. Richard Teng.
“I categorically deny any coordination between our Congressional investigation and the Office of the National Security Adviser (ONSA), the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), or the Nigerian Financial Intelligence Unit (NFIU).
“No one in the ONSA, including the NSA, Mr. Nuhu Ribadu, directed us to demand bribes from Binance, and no such bribes were ever demanded.
“It is regrettable that some Nigerians are quick to believe the worst about their country and its institutions without carefully examining the allegations.
“I have been unfairly maligned, and my party and its presidential candidate have been mocked over issues they have no involvement in.
“On 18 September 2024, my counsel filed a lawsuit at the High Court of the FCT, Abuja, seeking an apology, retraction, and damages of three billion dollars ($3,000,000,000.00) against Binance and Mr. Teng.
“The House of Representatives Committee on Financial Crimes scheduled a public hearing after receiving petitions alleging Binance’s violations of Nigerian laws.
“Binance refused to attend the public hearing on 10 January 2024 and subsequent adjourned dates, despite being given every opportunity for a fair hearing.
“Now, Binance and its executives have resorted to blackmail and false accusations to deflect attention from the real issues.”
$150m bribery allegation against Nigerian lawmakers true, Binance’s Gambaryan insists
Meanwhile, Binance’s Head of Financial Crime Compliance, Tigran Gambaryan, has insisted that his allegations that three Nigerian lawmakers asked for $150 million bribe to prevent his arrest and prosecution in Nigeria for alleged financial crimes were true.
In a post on X on Saturday, the Binance executive said: “Many requested that I stay on and provide further commentary on the issues I posted about yesterday. Here’s the hard truth: what I shared was meant to fill in the gaps left by Wired and NPR’s reporting.
“The reality is that last year was incredibly painful for me and my family. I dedicated my life to fighting crime as a Special Agent with the United States Department of the Treasury and as a compliance profession. It was an honor to serve my country and it was a blessing that they came to my rescue and mobilized the full force of the U.S. government when I was in need.”
Gambaryan recalled the pain his family went through during his incarceration.
“Being dragged through court on outrageous, baseless, and trumped-up charges didn’t just hurt me—it also brought immense pain to my family,” he wrote.
“I don’t want to see my kids cry because I’m not around. I don’t want to see videos of my 75-year-old mother on television in tears. I don’t want to see my wife crying on TV. I want to put this nightmare behind me and move on.
“What I shared was factual, based on my personal experiences and conversations with those who have direct knowledge of the events I discussed. Information that was shared with both Nigerian and U.S law enforcement. So please, allow me to leave this behind and find peace.
“I am no longer in law enforcement. The responsibility of seeing this through to a logical conclusion now falls on those still serving in United States and Nigeria.”
