In response to the SEC’s regulatory frameworks requiring opening an office in Nigeria, cryptocurrency trading platform Binance has laid down two conditions for considering registration under the SEC’s framework for Virtual Assets Service Providers (VASPs) in Nigeria.
These conditions include the release of detained Binance Executive, Tigran Gambaryan, who is in custody of Nigerian authorities and resolving ongoing legal disputes with the Nigerian government, which include allegations concerning tax evasion, money laundering, and foreign exchange contravention.
The SEC’s framework is applicable to virtual asset service providers and token issuers operating within Nigeria or rendering services to clients located there.
However, according to an SEC source, Binance is not registering because it already has a significant presence in Nigeria. The outcome of Binance’s registration and legal disputes will be determined by Nigerian courts.
