Binance, the largest cryptocurrency exchange in the world, will not be applying for a license to operate in Nigeria without the release of its detained employee, Tigran Gambaryan.
This was revealed by a company spokesperson according to a local Nigerian 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 stated.
Already, two digital asset exchanges:
- Busha Digital Limited and
- Quidax Technologies Limited
have received ‘Approval-in-Principle’ to begin operations under the Accelerated Regulatory Incubation Program (ARIP).
The ‘Approval-in-Principle’ is a preliminary step toward full registration by SEC Nigeria, ensuring that appropriate protection and transparency measures are in place for each product or service. It is required for operations, and the SEC officials have issued warnings to companies operating without it.
However, Binance, which is facing tax evasion and money laundering charges in Nigerian courts, will not be seeking approval until the ongoing issues are resolved, according to the spokesperson.
Moreover, Binance is said to still enjoy popularity with many Nigerians despite stopping p2p operations earlier this year at the behest of the government. According to another source within the SEC, the exchange is still being utilized by Nigerians to trade.
“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. That is why they are not coming to register. They see no need,” the source added.
_________________________________________
