Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Nigerian SEC Plans Discussions with International Crypto Exchanges During Regulatory Enforcement: Report
A report released on Friday by CoinTelegraph indicated that the Nigerian Securities and Exchange Commission (SEC) is scheduled to convene with cryptocurrency exchanges to deliberate on the current state of crypto regulation in Nigeria. Recently, the nation has also apprehended two executives from Binance, who face allegations of money laundering and tax evasion.
Nigerian SEC To Meet With Crypto Exchanges On Crypto Regulation
In an interview with CoinTelegraph, Lucky Uwakwe, Chair of Nigeria’s Blockchain Industry Coordinating Committee (BICCoN), stated that the forthcoming meeting between the Nigerian SEC and cryptocurrency exchanges will mainly concentrate on tackling regulatory issues within the nation’s cryptocurrency landscape.
Led by Emomotimi Agama, the newly appointed Director General of the Nigerian SEC, the meeting is set for May 6 and will include significant participants from Nigeria’s crypto sector, such as virtual asset service providers (VASPs), wallet providers, and cryptocurrency exchange platforms.
NIGERIAN SEC TO MEET WITH FOREIGN EXCHANGES AMID ONGOING REGULATORY BATTLE
– Emomotimi Agama, the new Director General of the Nigerian SEC, will engage with both local and international crypto CEXs at a roundtable event on May 6th.
– The event is being organized by The Blockchain… https://t.co/weRyfXPUje pic.twitter.com/K5xOoDqSeq
— BSCN (@BSCNews) May 3, 2024
“The participation and perspectives of everyone are crucial as we collaboratively navigate the regulatory landscape and work towards creating an environment that promotes innovation and growth within the blockchain and cryptocurrency industry,” Uwakwe remarked to CoinTelegraph.
Binance Executives Remain Detained Amidst Crypto Crackdown
The announcement of the meeting arrives during challenging economic conditions for the country, with some attributing blame to cryptocurrencies.
In February, the Nigerian government allegedly restricted its citizens’ access to various crypto exchanges, effectively accusing Binance of manipulating the exchange rate of the national currency, naira.
Nigerian Central Bank Governor Olayemi Cardoso accused Binance of processing an estimated $26 billion in illicit funds through its Nigerian operations last year.
Related Posts
”in the case of Binance, In the last one year, 26 billion dollars has passed through Binance Nigeria from sources and users who we cannot adequately identify.”
CBN Governor, Olayemi Cardoso pic.twitter.com/A6O2wlsY5M
— Channels Television (@channelstv) February 27, 2024
“We are worried about certain activities that suggest illicit flows through several of these entities and suspicious flows at best,” Cardoso stated. “In the case of Binance, $26 billion has passed through Binance Nigeria from sources and users we cannot adequately identify.”
That same month, the country detained two Binance executives, Nadeem Anjarwalla and Tigran Gambaryan, subsequently charging them with money laundering and tax evasion.
Anjarwalla was apprehended just over a week ago, nearly 3,000 miles away in Kenya, after fleeing shortly following his arrest.
By March, the country had sought $10 billion in compensation from the cryptocurrency exchange, leading Binance to halt all operations in Nigeria.
Last month, the inflation rate surged to a nearly 30-year high of 33% as the government shifted its blame toward cryptocurrencies for the economic downturn.
Meanwhile, a Nigerian court postponed Anjarwalla and Gambaryan’s money laundering trial to May 17 after a lawyer for Binance asserted he had not received essential proof-of-evidence documents required for his defense.
While uncertainties regarding the legitimacy of the arrests persist, the country’s rigorous crackdown on cryptocurrency could pose significant challenges for the two Binance executives.
The upcoming meeting between the Nigerian SEC and crypto stakeholders may provide clarity on the future trajectory of the nation’s cryptocurrency regulations.
The post Nigerian SEC Set To Meet With Foreign Crypto Exchanges Amid Regulatory Crackdown: Report appeared first on Cryptonews.
