Binance Holds Off Nigerian Licensing, Demands Gambaryan’s Release
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Cryptocurrency exchange giant Binance has set two specific conditions before it will consider licensing under the Nigerian Securities and Exchange Commission’s (SEC) regulatory framework for Virtual Asset Service Providers (VASPs).
The first requirement is to release Binance’s head of financial crime compliance, Tigran Gambaryan, from Nigerian custody. The second condition is the resolution of legal disputes between the company and the Nigerian government, which has accused Binance of tax evasion, money laundering, and foreign exchange violations.
In an exclusive interview with Nairametrics, Binance outlined its requirements before considering joining Nigeria’s SEC regulatory framework under the Accelerated Regulatory Incubation Programme (ARIP).
According to the exchange, it will not apply for licensing until Gambaryan, currently held on money laundering charges, is released. Gambaryan was detained during a visit to Nigeria to discuss Binance’s operations there.
In addition to Gambaryan’s release, Binance is calling for a settlement of the legal and regulatory disputes it faces with the Nigerian government.
Nigerian officials, including the country’s Minister of Information, have accused Binance of failing to pay taxes on over $20 billion in revenue generated within the country in 2023.
Despite these allegations, Binance has denied any wrongdoing and continues to engage with the Nigerian government to resolve the matter.
According to an anonymous source, a Binance spokesperson said:
“We are pleased that Nigeria is making progress in
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