Regulation
Nigerian SEC set to meet foreign crypto exchanges: report
Last updated: May 3, 2024 at 1:10 p.m. EDT | 2 minutes of reading
A Friday report from CoinTelegraph reveals that the Nigerian Securities and Exchange Commission (SEC) will meet with crypto exchanges to discuss the status of crypto regulation in the African nation. The country has arrested two Binance executives accused of money laundering and tax evasion.
Nigerian SEC to meet with crypto exchanges on crypto regulation
Based on CoinTelegraph’s interview with Lucky UwakweChairman of the Nigeria Blockchain Industry Coordination Committee (BICCoN), the upcoming meeting between the Nigerian SEC and crypto exchanges will primarily focus on resolving regulatory issues within the country’s cryptocurrency sector.
Led by Emomotimi Agama, the new Director General of the Nigerian SEC, the meeting will take place on May 6 and is open to key players in Nigeria’s crypto industry, including Virtual Asset Service Providers (VASPS), wallet providers and crypto exchanges.
NIGERIAN SEC TO MEET FOREIGN EXCHANGES IN ONGOING REGULATORY BATTLE
– Emomotimi Agama, the new Director General of the Nigerian SEC, will meet with local and foreign crypto CEXs in a roundtable discussion on May 6.
– The event is organized by The Blockchain… https://t.co/weRyfXPUje pic.twitter.com/K5xOoDqSeq
– BSCN (@BSCNews) May 3, 2024
“Everyone’s presence and insights are invaluable as we collectively navigate the regulatory terrain and strive to foster an environment conducive to innovation and growth within the blockchain and cryptocurrency industry,” Uwakwe told CoinTelegraph.
Binance Executives Remain Detained Amid Crypto Crackdown
The news of the meeting comes in a difficult economic context for the country, especially regarding cryptocurrencies.
In February, Nigerian government reportedly bans its citizens from accessing several crypto exchangeseffectively accusing Binance of fixing the rate of the country’s currency, the naira.
Nigerian Central Bank Governor Olayemi Cardoso has accused Binance of moving illicit funds worth an estimated $26 billion through its Nigerian branch last year.
“In the case of Binance, over the last year, $26 billion has flowed through Binance Nigeria from sources and users that we cannot adequately identify.”
CBN Governor, Olayemi Cardoso pic.twitter.com/A6O2wlsY5M
– TV Channels (@channelstv) February 27, 2024
“We are concerned that some ongoing practices indicate illicit flows through a number of these entities and, at best, suspicious flows,” Cardoso said. “In the case of Binance, $26 billion flowed through Binance Nigeria from sources and users we cannot adequately identify.”
The same month, the country arrested two Binance executives, Nadeem Anjarwalla and Tigran Gambaryan, before charging them with money laundering and tax evasion.
Anjarwalla was arrested just over a week agonearly 3,000 miles away in Kenya, after fleeing shortly after his arrest.
In March, the country demanded $10 billion in compensation from the crypto exchange, with Binance interrupts all services in the African nation.
Just last month, its inflation rate rose to a nearly a 30-year record of 33% as the government blamed cryptocurrencies as the cause of the crash.
Meanwhile, a Nigerian court rejected Money laundering trial of Anjarwalla and Gambaryan to May 17 after a Binance lawyer claimed he was never provided with the evidentiary documents needed for his defense.
Even if questions surrounding the legitimacy of the arrest remain relevant, the country’s authorities strict crypto crackdown could spell the end for the two leaders of Binance.
Next week’s meeting between Nigeria’s SEC and crypto stakeholders could offer insight into the future direction of the country’s cryptocurrency policies.