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Cryptocurrency exchange giant binance has laid out two specific conditions that must be met before it will consider applying for licensing under the Nigerian Securities and Exchange Commission’s regulatory framework for Virtual Asset Service Providers (VASPs).
The first condition set by binance is the release of Tigran Gambaryan, the head of financial crime compliance at the company, who is currently in Nigerian custody. The second requirement is the resolution of legal disputes with the Nigerian government regarding allegations of tax evasion, money laundering, and foreign exchange violations.
In an exclusive interview with Nairametrics, binance confirmed that it will not initiate the licensing process until Gambaryan, detained on money laundering charges, is released. Gambaryan's detention occurred during a visit to Nigeria to discuss binance's operations in the country.
Additionally, binance is seeking a settlement of the legal and regulatory conflicts it faces with the Nigerian government. Authorities in Nigeria, including the 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 accusations, binance has maintained its innocence and continues to engage with Nigerian officials to address the allegations.
The Saga of Tigran Gambaryan
Gambaryan, a pivotal executive at binance overseeing financial crime compliance, was arrested in Nigeria on charges of money laundering while on a business trip to meet with government representatives. Although initially accused of tax evasion and money laundering, the tax evasion charges have been dropped, leaving Gambaryan detained on money laundering allegations.
Gambaryan's detainment has been fraught with health issues, including a herniated disk that has led to him using crutches, as well as illnesses like pneumonia, malaria, and tonsillitis. Despite medical recommendations for surgery, Gambaryan's requests for medical assistance, including a wheelchair during court appearances, have reportedly been denied.
The prolonged detainment of Gambaryan has strained relations between Nigeria and the United States, with U.S. officials advocating for his release on medical grounds.
Despite being a popular choice among Nigerian cryptocurrency users, binance has hesitated to register under Nigeria's regulatory framework due to concerns about the hurried implementation of the program following the arrests of its executives and the lack of legal backing from the National Assembly.
While Nigeria has made progress in regulating the cryptocurrency industry, binance's reluctance to adhere to the regulatory framework could impede the country's efforts to bring the exchange under federal oversight. Nigeria boasts one of the highest rates of crypto adoption globally, with over 22 million individuals actively participating in crypto trading.