In light of the crackdown on the cryptocurrency sector in Nigeria, the country’s securities watchdog has come up with a proposal to increase registration fees for cryptocurrency companies by 400%, as highlighted in a recently published notice.

The proposal made by the regulator, the Securities and Exchange Commission (SEC) of Nigeria, includes changes related to rules for cryptocurrency issuers, exchanges and custody platforms with increases in supervisory fees.

The proposal highlights that instead of being charged an application fee of 100,000 naira ($64) and a registration fee of 30 million naira, the regulator wants the cost to be 300,000 naira with each application, in addition to having the expectation of being able to charge cryptocurrency companies a registration fee of 150 million.

According to SEC statements, proposals to “reorganize” the rules aim to “provide clarity to the market as well as incorporate suggestions from industry stakeholders, particularly with regard to recent commitments to the [banco central da Nigéria]”.

Furthermore, the SEC also highlighted in the proposal that the minimum paid-in capital requirement for interested cryptocurrency service providers be doubled to 1 billion naira.

Although measures were taken against several companies in the sector, authorities brought into focus the exchange Binance, which was accused of setting the naira exchange rate.

It is worth remembering that given this scenario, at the beginning of March, Binance recently announced its decision to withdraw from the Nigerian market. The measure involves the discontinuation of all services related to the local currency, the Nigerian Naira (NGN).

Binance-Nigeria fight intensifies as country asks for list of exchange users

The fight between cryptocurrency exchange Binance and the Nigerian government has intensified in yet another chapter of this recent “arm fight”. In the latest development, Nigeria has requested the list of Binance users.

According to information shared by the Financial Times, Nigeria wants the Binance exchange to provide information regarding its top 100 users residing in the country, as well as their entire transaction history for the last six months.

The Nigerian government’s action comes amid the detention of Binance’s head of compliance and the manager of the Africa region in Nigeria. Tigran Gambaryan and Nadeem Anjarwalla, from Binance, were detained in a “guest house” managed by the Nigerian National Security Agency after arriving in Abuja, at the invitation of the Nigerian government, on February 25.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.


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