Binance Delays Nigerian License Application Amidst Employee Detention and Legal Issues

Binance, the world’s largest cryptocurrency exchange, has announced it will not apply for a license to operate in Nigeria until the release of its detained employee, Tigran Gambaryan. This was confirmed by a company spokesperson in a statement to a Nigerian news outlet.

“We are pleased that Nigeria is making progress in the development of its digital assets regime. We hope that someday soon, once Tigran has been freed and our issues are settled, we may seek registration,” the Binance spokesperson said.

While Binance holds off on seeking approval, two Nigerian cryptocurrency companies, Busha Digital Limited and Quidax Technologies Limited, have already received ‘Approval-in-Principle’ under the Securities and Exchange Commission (SEC) Nigeria’s Accelerated Regulatory Incubation Program (ARIP). This initial approval marks the first step towards full registration, ensuring transparency and consumer protection for their services.

Despite Binance’s popularity among Nigerian users, the exchange is currently facing tax evasion and money laundering charges in Nigerian courts. The SEC has urged cryptocurrency companies to seek approval before operating in the country, but Binance has declined to apply for registration due to its ongoing legal issues.

“Binance is not regulated by the SEC in Nigeria. That is why we are trying to make them register, but they say they don’t need to register because Nigerians already have access to their platform,” a SEC official revealed, highlighting Binance’s stance.

Though Binance suspended its peer-to-peer (P2P) operations earlier this year at the request of the Nigerian government, many Nigerians continue to use the platform for cryptocurrency trading.

Source: BitKE