Lawmaker Denies Binance Allegations, Describes Claims As Malicious, Defamatory

ABUJA – The Chairman, House of Representatives Committee on Financial Crimes and lawmaker representing Isiala Ngwa North South/Isiala Ngwa North Federal Constituency, Mr. Ginger Obinna Onwusibe has denied allegations that bribes were demanded from Binance and its officers by the Committee describing them as malicious and defamatory.

Mr. Onwusibe also denied any coordination with congregational investigation and the Office of the National Security Adviser.

The lawmaker stated these in a statement titled: LIMITED REACTION TO FALSE, MALICIOUS AND DEFAMATORY PUBLICATIONS  AGAINST ME BY TIGRAN GAMBARYAN OF BINANCE and made available to newsmen in Abuja.

The statement read “I want to categorically deny any coordination between our Congressional investigation and the Office of the National Security Adviser (ONSA), particularly, the NSA, Mr. Nuhu Ribadu. No one in the ONSA, including Mr. Ribadu directed us to demand bribes from Binance and its officers on their behalf or ours and no such bribes were ever demanded. Similarly, no coordination existed between me, my Committee and the “Head” of the Securities and Exchange Commission (SEC) and the Governor of the Central Bank of Nigeria (CBN) as alleged by Mr. Tigran Gambaryan in his publication today on X as well as the ones he planted in NPR and WIRED publications and no bribes were demanded by my Committee on their behalf”. 

“As already stated above, our Committee never coordinated with the Economic and Financial Crimes Commission (EFCC) or the Nigerian Financial Intelligence Unit (NFIU) over whom we have oversight powers”. 

The statement explained details of all that transpired, pointing out that his attention had been drawn to publications by one Mr. Tigran Gambaryan, Head, Finance Crime Compliance of Binance on his X(formerly Twitter).

“My attention has been drawn to the publication/post by one Mr. Tigran Gambaryan, Head, Financial  Crime Compliance of BINANCE, a Block Chain Digital Asset Exchange,on his X (formerly twitter)  th handle/page today, Friday the 14 day of February 2025”. 

“I have been inundated by thousands of phone  calls, WhatsApp and SMS messages as well as physical visits by colleagues and others at the National  Assembly”. 

“My attention was similarly drawn to a publication in the NPR media website, titled “THE  ‘CRYPTO WIZARD’ VS. NIGERIA” published on February 11, 2025 written by Dina Temple-Raston,  Nick Fountain, Jess Jiang, Emma Peaslee and Sean Powers as well as another publication in the WIRED  media website titled “THE UNTOLD STORYOFACRYPTO CRIME FIGHTER’S DESCENT INTO  NIGERIAPRISON” published on February 10, 2025 written by Andy Greenberg all of which contained  very damaging, false, malicious and defamatory accusations against me”. 

“Initially, I took the decision not to respond because the issues raised in the said publications are  SUBJUDICE being subject of a Court action initiated by me against Binance and their Managing  Director/CEO, Mr. Richard Teng which is pending before a High Court of the Federal Capital Territory,  Abuja”. 

“As the public and gentlemen of the Press well know, when issues are before a Court of Law, it is not  advisable to comment or ventilate them in the media, particularly by parties to the action. Our Courts and  other institutions must be afforded the highest respect. 
For this reason, I will be giving only a limited  response which will not go into the merits or details of the issues which are already being adjudicated by a  Court of competent jurisdiction”. 

“Furthermore, I am mindful of the fact that to the average Nigerian,  silence is not golden but rather, an admission and failure to at least give a general rebuttal will be assumed  to be admission of the falsehoods in said publications as they relate to me”. 

“BRIEF FACTS OFTHE MATTER. 

1. In December 2023, my committee received a Petition from a CSO/NGO, the Empowerment for Unemployed Youth Initiative alleging multiple financial and economic crimes and irregularities  perpetrated by Binance against the Nigerian economy and State.  
2. Upon receipt of the said Petition, we wrote to Mr. Richard Teng who is the Managing  Director/CEO of Binance, inviting him to appear before the Investigative/Public Hearing set up  by the Committee to investigate the allegations bordering on breach and non-compliance by  Binance with extant Laws and Regulations related to their operations in Nigeria. 
3. Binance and Mr. Teng through their representatives contacted the Committee, in order to agree on a  th convenient date for them to appear and testify at the Investigative/Public Hearing and the 10 day of  January 2024 was agreed as a convenient date for a Public Hearing on the matter  
4. Before the agreed date of the 10 day of January 2024 when the Public Hearing was scheduled to  hold, Binance reached out to the Committee to request for a pre-Hearing meeting which will afford  them an opportunity to gain deeper insight into details of the allegations against them in order to  assist them in preparing for the Investigative/Public Hearing. The Committee conceded the request  th by Binance and scheduled the pre-hearing meeting for the 8 day of January 2024 at the National  Assembly Complex”. 

“IT IS IMPORTANT TO NOTE THAT IT WAS BINANCE WHO  REQUESTED THIS MEETING, NOT ME OR THE COMMITTEE. WITHOUT THEIR  REQUEST, THERE WOULD HAVE BEEN NO MEETING BETWEEN THE COMMITTEE AND BINANCE ON THE 8 JANUARY2024. 

5. On the 8 day of January 2024, I was unavoidably absent from Abuja, Federal Capital Territory on  assignment in another State with another Committee of the House of Representatives of which I am  member. I therefore delegated three members of the Committee and a Clerk, to meet with a six member team representing Binance at the pre-Hearing meeting which included Counsel to  Binance. At the Pre-Hearing meeting which held in the premises of the National Assembly  Complex, Three Arms Zone, Abuja, detailed facts on the allegations against Binance as contained  in the aforesaid Petition, was made available to them to assist them in preparing for the Public  th Hearing scheduled for the 10 day of January 2024. The meeting was open, transparent and ended  on a cordial note. No solicitation or demands of any type was made by representatives of the  Committee to the Binance and/or their representatives at the meeting”. 
   “6. On the 10 day of January 2024, the MD/CEO of Binance, Mr. Richard Teng who was the officer  specifically invited to appear before the Committee failed to appear for the scheduled Public  Hearing having earlier forwarded a request to the Committee through his representatives for  extension of time to enable him prepare adequately. The Committee obliged the request and  rescheduled the Public Hearing. On the rescheduled date, neither the said MD/CEO or any  Executive of Binance appeared. They instead sent a Counsel to represent them. The Committee  informed Counsel to Binance that under the extant procedures set out in the Standing Orders of the  House of Representatives, the role of Counsel of witnesses summoned to testify or give evidence in  Investigative/Public Hearings is limited solely for the purpose of guiding the witness (es)  concerning their Constitutional rights. Counsel was informed that he could not be a witness in the  Investigative/Public Hearing; that the witness specifically invited by the Committee to appear  before it to give evidence was Mr. Richard Teng, MD/CEO of Binance as clearly set out in the  th Committee’s letter of the 8 December 2023 addressed and sent to Mr. Richard Teng. The  th Committee again rescheduled the Public Hearing for the 4 day of March 2024 and directed that Mr.  Richard Teng or in lieu of him, another Director of Binance should appear to testify before the  Investigative/Public Hearing on that date”. 
    “7. On the 4 day of March 2024, neither Mr. Richard Teng, any Director of Binanceor other senior  executive officer of Binance appeared before the Committee. Instead, Binance again sent their  Counsel to represent them at the Investigative/public Hearing. This was rejected by the Committee  for the reasons already averred herein. 
    8. On the 7 day of May 2024, Mr. Richard Teng published in a Blog Post on the Website,  Binance.Com, an article authored by him titled “TIGRAN GAMBARYAN IS INNOCENT AND  MUST BE RELEASED” which contained false, untrue, malicious and defamatory allegations  th against me. On the same date, 7 May 2024, Mr. Richard Teng uploaded the article to his X  (formerly Twitter) handle, @_Richard Teng”.

“9. I thereafter instructed my Counsel, Mr. Nnamdi U. Nwokocha Ahaaiwe, Esq. of NUNALEXIS Solicitors, L.P. to take remedial action on my behalf. 
 10. On the 14 day of June 2024, my said Counsel, wrote to Mr. Richard Teng and Binance demanding  an apology, retraction and compensatory damages for the said defamatory publications made  against me. 

 11. On the 24 day of June 2024, Binance and Mr. Richard Teng responded to my aforesaid Counsel’s  letter through Ms. Eleanor Hughes, General Counsel/Chief Legal Officer, CLO., of Binance,  essentially declining to offer an apology, retraction and compensatory damages as demanded by  me”. 
 
“12. On the 18 day of September 2024, my Counsel, Mr. Nnamdi U. Nwokocha Ahaaiwe, Esq., at my  instructions, filed a Writ of Summons and other accompanying processes at the High Court of the  Federal Capital Territory Abuja in Suit No: FCT/ABJ/HC/CV/4069/2024: Hon. Ginger Obinna  Onwusibe V. Binance Holdings Ltd. (“Binance”)&Mr. Richard Teng in which I claim apology  and retraction of the defamatory publications as well as injunctive reliefs and damages totaling  three Billion dollars ($3,000,000,000.00), etc. 
 13. The case came up before the Court on the 22 day of January 2025. The Defendants (Binance and  Mr. Teng) were duly represented by Mr. Mark Mordi, SAN of the Law Firm, ALUKO &  th OYEBODE. The case is further adjourned to Wednesday 19 day of February 2025 for  continuation of hearing. 

14. Being constrained by the fact that some of the issues raised by today’s allegations are now subjudice which limits the extent to which I can respond to them without disrespecting the trial Court, I will  only further emphasize the following: 

(i) The House of Representatives is an independent arm of the Government of the Federal  th Republic of Nigeria. What we scheduled to hold on the 10 day of January 2024 and other  adjourned dates was a PUBLIC HEARING to investigate allegations against Binance  th based on a Petition forwarded to our Committee. The pre-Hearing meeting of 8 January  2024 to clarify the details of the allegations against Binance was held at their instance.  

(ii) The specific allegation made by Mr. Richard Teng and Binance initially was that demands  for bribes were made by “UNKNOWN PERSONS”after they had left the pre-Hearing  meeting. This is contrary to the allegation now made by Mr. Gambaryan today that demands  for bribes were made during the meeting allegedly held in a room/office equipped with  “fake” cameras and microphones.  

 (iii) Until the publications by Mr. Richard Teng on the 7 day of May 2024 referenced  hereinabove, I was not aware that the Executive Branch of the Federal Government and its  Agencies were conducting their own separate investigations into the activities of Binance in  Nigeria. Neither myself nor the HR Committee on Financial Crimes coordinated with any  Agency of the Executive Branch, not even the ones over which we have oversight  function(EFCC and NFIU) in carrying out our Congressional duty of investigating the  allegations against Binance. 

(iv) I want to categorically deny that the Department of State Services (DSS) was in anyway  involved in our investigations. I am not aware of any meeting held by Binance and its  executives or representatives with the DSS on Friday January 5 2024 as alleged. We never  coordinated with the DSS in our Congressional investigations. 

(v) I want to categorically deny any coordination between our Congressional investigation and  the Office of the National Security Adviser (ONSA), particularly, the NSA, Mr. Nuhu  Ribadu. No one in the ONSA, including Mr. Ribadu directed us to demand bribes from  Binance and its officers on their behalf or ours and no such bribes were ever demanded.  Similarly, no coordination existed between me, my Committee and the “Head” of the  Securities and Exchange Commission (SEC) and the Governor of the Central Bank of  Nigeria (CBN) as alleged by Mr. Tigran Gambaryan in his publication today on X as well as  the ones he planted in NPR and WIRED publications and no bribes were demanded by my  Committee on their behalf. 

(vi) As already stated above, our Committee never coordinated with the Economic and  Financial Crimes Commission (EFCC) or the Nigerian Financial Intelligence Unit (NFIU)  over whom we have oversight powers. 

15. It is regrettable that some Nigerians are always ready to believe the worst against their country, its  institutions and its public officials even without carefully examining allegations made against  them, such as those made today by Mr. Gambaryan. The reaction by many Nigerians who simply  believed these ridiculous allegations, hook, line and sinker is disheartening. I have been unfairly  pilloried, called names and described as a criminal. My Party (Labour Party, LP) and even its  Presidential Candidate, Mr. Peter Obi who have absolutely nothing to do with these matters have  been mercilessly mocked in the social media. Even my Igbo tribe have been called thieves all  because a foreign enterprise which sought to trample on our laws and regulations was being held  accountable”. 
    “16. This raises the issue: who and what is Binance and its officialswho the public choose to believe  without evidence while demonizing their country, its institutions and officials? Binance is a  criminal enterprise with a long history of convictions for crimes similar to those being investigated  by the Nigerian authorities. Their infractions are too many to be fully examined in this statement  and I urge our press and media to investigate more into their activities”. “I will simply highlight a few  easily verifiable examples: 
     (i) On the 30 day of April 2024 the f 
    ounder of Binance and its former MD/CEO, Mr.  
    Changpeng Zhao, was sentenced to four months in prison (down from three years  demanded by prosecutors) for money laundering, unlicensed money transmitting and  violations in Seattle, United States (US). Richard Jones, the Presiding Judge, at the sentence  hearing said Zhao put “Binance’s growth and profits over compliance with US laws and  regulations.”According to US officials, Zhao, just as his company Binance did in Nigeria, 
    intentionally turned a blind eye to transactions that financed terrorism, the illegal drug  trade, and child sex abuse. Mr. Zhao agreed to pay fifty million dollars ($50,000,000.00) personally in penalties and also stepped down as MD/CEO and was replaced by Mr.  Richard Teng. 

(ii) Binance also pleaded guilty and agreed to pay four Billion, three Hundred million US  Dollars ($4.3 billion) to settle criminal money laundering charges levied by the U.S.  Department of Justice. 

(iii) Binance also paid One Billion, Five Hundred Million dollars ($1.5 billion) in finesin  2024 to the U.S. Attorney’s Office for the Western District of Washington. 

(iv) The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) imposed a  Four Million, Four Hundred Thousand dollars ($4.4 million) administrative monetary  penalty on Binance for noncompliance with Anti-Money Laundering (AML) and  Countering the Financing of Terrorism (CFT) regulations.  

(v) Binance was fined Two Million, Two Hundred and Twenty-Five Thousand dollars  (US$2.25 million) by India’s Financial Intelligence Unit (FIU) for failing to adhere to the  nation’s anti-money laundering standards in breach of India’s Prevention of Money  Laundering Act of 2002. 

(vi) The National Agency for Prospective Projects (NAPP) of Uzbekistan fined Binance the  sum of 102 million Soms for operating without the necessary license in Uzbekistan.  Despite the imposition of this fine, Binance has refrained from licensing its activities in the  republic or paying the fine, prompting NAPPto recover the amount through court action.  

(vii) CONCLUSION 

17. The House of Representatives Committee on Financial Crimes scheduled a Public Hearing having received  petitions alleging crimes and infractions in breach of extant Nigerian Laws and Regulations against  Binance, similar to those for which they have been held accountable in other jurisdictions.  Notwithstanding offering every opportunity of Fair Hearing to Biance, including agreeing to hold a pre hearing meeting at their instance to offer them full details of the allegations against them, Binance failed,  neglected and refused to attend the Public Hearing fixed by the Committee for the 10 day of January 2024  and on subsequent adjourned dates agreed with their Counsel. 
18. Subsequently an Executive of Binance escaped from the lawful custody of the ONSAand DSS and  was smuggled out of Nigeria by operatives of Binance while under investigation for several  breaches and infractions of Nigerian Law by Agencies of the Executive Branch. These  investigations had nothing to do with the separate Public Hearing by the HR Committee on  Financial Crimes and we were not a party to them in any way, though the issues under investigation  may have overlapped. 
19. Having refused to appear before a validly and lawfully scheduled Congressional Public Hearing  and also facilitated the escape of its staff from the lawful custody of Nigerian Security Agencies,  Binance and several of its staff, particularly, Mr. Richard Teng and Mr. Tigran Gambaryan have  resorted to blackmail, false and malicious accusations against the Nigerian State and its  institutions/officials in order to draw wool over the eyes of the public, deflect and disrupt the  attention of the public from the actual facts and issues in contention. 

The lawmaker stated that he would continue to seek appropriate redress, remedies and take all lawful measures,  including Court action to clear my good name.