2024

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Nigeria’s Securities and Exchange Commission (SEC) is proposing a significant hike in registration fees for cryptocurrency exchanges operating within the nation.
The suggested <a href="https://sec.gov.ng/proposed-major-amendment-to-the-rules-on-issuance-offering-platforms-and-custody-of-digital-assets-to-stakeholders-and-the-general-public/" target="_blank" rel="noopener noreferrer nofollow">amendment </a>would raise the fee from the current 30 million naira (approximately $18,620) to 150 million naira ($93,000). The adjustment is part of a broader set of proposed changes aimed at enhancing the regulatory framework for digital asset service providers.
The SEC also seeks to provide clearer <a href="https://crypto.news/nigeria-sec-guidelines-crypto/" rel="noopener noreferrer nofollow">regulatory guidelines for crypto services</a>. This includes incorporating feedback from industry stakeholders, particularly after recent discussions with the Central Bank of Nigeria (CBN).
The initial rules and guidelines for crypto and digital asset service providers were released by the Nigerian SEC in May 2022. However, on Friday, March 15, 2024, the commission announced its intention to modify these rules.
Under the proposed changes, the application fee for entities like digital asset exchanges, digital asset offering platforms, and digital asset custodians will see an increase from 100,000 naira ($62) to 300,000 naira ($186).
The registration processing fee will also jump from 300,000 naira ($186) to 1 million naira ($620), indicating a 234% increase.
Another significant amendment includes renaming the rules. The name would change from “New Rules on Issuance, Offering Platforms and Custody of Digital Assets” to “Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody.”
You might also like: <a href="https://crypto.news/nigeria-sec-guidelines-crypto/" rel="noopener noreferrer nofollow"> Nigeria’s SEC proposes guidelines for crypto firms to fight criminals </a>
<h2 class="wp-block-heading" id="diplomatic-friction">Diplomatic friction</h2>
Meanwhile, Tigran Gambaryan, a U.S. citizen and the head of the <a href="https://crypto.news/tag/binance/" rel="noopener noreferrer nofollow">Binance </a>crypto exchange’s criminal investigations team, has been <a href="https://crypto.news/nigeria-reportedly-detained-binance-execs-after-inviting-them-to-discuss-issues-with-crypto/" rel="noopener noreferrer nofollow">detained </a>by Nigerian authorities since Feb. 26, 2024, without formal charges.
The circumstances surrounding their arrest have prompted calls for intervention by the U.S. government.
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 I have reached out to <a href="https://twitter.com/WhiteHouse?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@WhiteHouse</a> for comment on <a href="https://twitter.com/TigranGambaryan?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@TigranGambaryan</a>’s detainment and <a href="https://twitter.com/DigitalChamber?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@DigitalChamber</a>’s plea for <a href="https://twitter.com/POTUS?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@POTUS</a> to intervene. <a href="https://t.co/IfbSLhG09E" target="_blank" rel="noopener noreferrer nofollow">https://t.co/IfbSLhG09E</a>— Eleanor Terrett (@EleanorTerrett) <a href="https://twitter.com/EleanorTerrett/status/1768742174558986716?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 15, 2024</a>
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Gambaryan and a colleague were reportedly lured to Nigeria under false pretenses and subsequently taken into custody by armed individuals.
They have been held at an undisclosed location, with their passports confiscated, leading to speculations of a possible government-led effort to secure a large ransom from Binance.
The lack of clear charges and denial of legal representation for the detained individuals has led to criticisms regarding the legitimacy of their detention.
The incident not only challenges international legal norms but also puts a strain on diplomatic relations between Nigeria and the U.S., a country that provides <a href="https://www.state.gov/the-united-states-and-nigeria-partnering-for-prosperity/#:~:text=The%20United%20States%20provided%20nearly,relief%2C%20security%2C%20and%20more." target="_blank" rel="noopener noreferrer nofollow">over $1 billion in foreign aid</a> to Nigeria annually.
Read more: <a href="https://crypto.news/nigeria-reportedly-requested-data-from-binance-on-its-top-100-largest-customers-following-executives-arrest/" rel="noopener noreferrer nofollow"> Nigeria reportedly requested data from Binance on its top 100 largest customers following executives arrest </a>

Nigeria SEC: Registration fees for crypto exchanges should increase fivefold

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