Cryptocurrency trading platform Binance has outlined two conditions before considering registration under Nigeria’s Securities and Exchange Commission’s (SEC) special framework for Virtual Assets Service Providers (VASPs).
In response to the SEC’s regulatory framework, which requires platforms like Binance to open an office in Nigeria, the company stated it would first need the release of its detained executive, Tigran Gambaryan, and resolution of ongoing legal disputes with the Nigerian government.
Nigeria’s SEC recently granted Approval-in-Principle to crypto exchanges Quidax and Busha under the Accelerated Regulatory Incubation Programme (ARIP), bringing them under the government’s regulatory purview.
Binance, however, has refrained from joining ARIP due to its legal issues, including accusations of tax evasion and money laundering.
A Binance spokesperson emphasized that while they appreciate Nigeria’s efforts to regulate digital assets, they will not seek registration until these matters are resolved.
