The cryptocurrency trading platform Binance has outlined two conditions that must be met before it can consider registering under Nigeria’s Securities and Exchange Commission’s (SEC) special framework program for onboarding Virtual Assets Service Providers (VASPs), including crypto platforms.

Binance’s position is in response to the regulatory frameworks set out for cryptocurrency platforms by Nigeria’s regulatory body, SEC, which includes opening an office in Nigeria.

Nairametrics previously reported that, among other requirements, the SEC’s framework applies to virtual asset service providers and token issuers conducting business in Nigeria or offering services to Nigerian consumers, including platforms that facilitate the offering, trading, exchange, custody, and transfer of virtual/digital assets.