Binance has made the release of Tigran Gambaryan a condition for seeking registration in Nigeria. The exchange is reluctant to register due to outstanding issues with the government. It reportedly believes the SEC’s hastily formulated framework is not supported by law. Despite this, Binance reportedly remains popular among Nigerian users.
Insights into Binance’s Licensing Strategy in Nigeria
For Binance, resolving the issues with the Nigerian government and securing the release of Tigran Gambaryan are essential steps before considering registration under the Nigerian Securities and Exchange Commission’s expedited onboarding program. The cryptocurrency exchange is prioritizing the resolution of these outstanding issues as a key condition for participation in the Commission’s registration process.
The recent approval of local digital asset exchanges by the SEC has brought attention to Binance’s stance on seeking registration in Nigeria. While the regulator has emphasized the importance of using regulated exchanges, Binance’s decision to wait for the resolution of its issues demonstrates a cautious approach to compliance with the regulatory framework.
In an interview with Nairametrics, a Binance spokesperson hinted at the exchange’s plans for registration, highlighting the significance of resolving internal matters and obtaining Gambaryan’s release before pursuing registration with the SEC. This approach reflects Binance’s commitment to working within the legal framework established by the Nigerian government.
Although Binance remains a popular choice among Nigerian users, its hesitance to secure a license raises questions about its compliance with the SEC’s regulations. Despite the Commission’s expectations for Binance to seek registration, the exchange’s reluctance may be attributed to concerns about the legal basis of the regulatory framework.
