The big three!
Binance lists conditions for registering in Nigeria
After Nigeria’s Securities and Exchange Commission (SEC) opened up licence applications for crypto exchanges, it isn’t surprising that Binance has held back, given its strained relationship with Nigeria. The company has now laid out two conditions that must be met before it will consider registering under the SEC’s special framework for onboarding Virtual Assets Service Providers (VASPs).
What are the conditions? The first condition is the release of Binance executive Tigran Gambaryan from Nigerian custody. Gambaryan was detained by Nigerian authorities in connection with allegations of tax evasion, money laundering, and foreign exchange contravention. Binance denies these allegations.
The second condition is the settlement of legal and regulatory bottlenecks with the Nigerian government. The federal government has commenced prosecution of Binance on the grounds of tax evasion, money laundering, and foreign exchange contravention.
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Last updated: December 22, 2024
