1. Background of the Conflict
2. Current Demands by Binance
3. Reactions and Future Prospects

The conflict between Nigeria and the cryptocurrency exchange Binance, which began in February this year, remains unresolved. In a new development, Binance has set conditions for its registration in Nigeria, which include resolving legal issues and the release of its employee Tigran Gambaryan.

Background of the Conflict

The conflict between Nigeria and Binance began with allegations of foreign exchange infractions, tax evasion, and money laundering against the exchange. These allegations led to the arrest of Binance employee Tigran Gambaryan and further disagreements with Nigerian authorities.

Current Demands by Binance

Binance has stated that all legal issues must be resolved before it applies for registration under the Nigerian SEC’s Accelerated Regulatory Incubation Programme (ARIP). Additionally, Binance demands the release of Tigran Gambaryan before considering compliance with the new framework requirements for obtaining a license. A Binance spokesperson said, “We are pleased that Nigeria is making progress in the development of its digital assets regime. We hope that someday soon, once Tigran has been freed and our issues are settled, we may seek registration.”

Reactions and Future Prospects

The recent approval of local exchanges Quidax and Busha Digital under ARIP reflects the Nigerian SEC’s efforts to structure and supervise the digital asset market. However, despite the commission’s advice for users to avoid unregulated exchanges, Binance remains popular among Nigerian users. According to an anonymous source, the unregulated status of the exchange decreases its chances of obtaining a license, although the SEC expects Binance to apply. The source also suggested that Binance's reluctance is partly due to ARIP being a hastily formulated framework following the arrest of Binance executives and lacking the National Assembly's support.

The conflict between Nigeria and Binance remains unresolved. It is expected that both parties will find a compromise solution that will contribute to the development of Nigeria’s digital economy.