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.
Binance Conditions License Application on Resolution of Outstanding Issues
Binance has made the release of its jailed employee Tigran Gambaryan one of two conditions for seeking registration under the Nigerian Securities and Exchange Commission’s (SEC) expedited onboarding program. A spokesperson for the cryptocurrency exchange said Binance’s outstanding issues with the Nigerian government must be resolved before it considers joining the Commission’s fast-track registration program.
Revelation of the top global crypto exchange’s stance on registration came just weeks after the SEC approved two local digital asset exchanges Quidax and Busha Digital. The Nigerian regulator also confirmed at the time that it was processing other applications and warned residents against using unregulated exchanges.
However, in an interview with Nairametrics, the Binance spokesperson all but confirmed that the exchange is not among the list of entities whose license applications the SEC is currently reviewing.
“We are pleased that Nigeria is making progress in the development of its digital assets regime. We hope that someday soon, once Tigran Gambaryan has been freed and our issues are settled, we may seek registration,” the Binance spokesperson said.
While Binance appears reluctant to secure a Nigerian license, the cryptocurrency exchange remains a popular choice for many users. This situation, according to an unnamed SEC official, makes Binance less likely to seek a license, even though the Commission expects it to do so.
An anonymous source quoted in the report believes Binance does not see the need to comply with the SEC’s hastily formulated framework because it lacks legal support.