BINANCE DEMANDS EXECUTIVE RELEASE BEFORE NIGERIAN REGISTRATION
- Binance has made it clear that it will not adhere to Nigeria’s digital asset regulations until its detained executive, Tigran Gambaryan.
Key Points:
- Besides Gambaryan’s release, Binance seeks to resolve ongoing disputes with the Nigerian government. The platform faces allegations of tax evasion, money laundering, and foreign exchange violations.
- Nigeria’s Accelerated Regulatory Incubation Programme (ARIP) requires virtual asset service providers to open local offices and comply with specific regulatory standards.
- A Binance spokesperson told Nairametrics that while they appreciate Nigeria's progress in digital asset regulations, they are unwilling to proceed with registration until both conditions are met.
“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 reportedly said.
- Binance continues to be popular among Nigerian users, despite restrictions.
The exchange is not currently regulated by the SEC in Nigeria amid ongoing tensions between the company and Nigerian authorities.
Do you think NGN P2P will return to Binance after this dispute has been settled?
