{"id":11716,"date":"2024-03-18T19:59:52","date_gmt":"2024-03-18T17:59:52","guid":{"rendered":"https:\/\/forklog.com\/en\/nigeria-proposes-400-increase-in-registration-fees-for-crypto-firms\/"},"modified":"2024-03-18T19:59:52","modified_gmt":"2024-03-18T17:59:52","slug":"nigeria-proposes-400-increase-in-registration-fees-for-crypto-firms","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/nigeria-proposes-400-increase-in-registration-fees-for-crypto-firms\/","title":{"rendered":"Nigeria Proposes 400% Increase in Registration Fees for Crypto Firms"},"content":{"rendered":"<p>The Nigerian Securities and Exchange Commission (SEC) <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\/\">has proposed<\/a> a 400% increase in registration fees for cryptocurrency companies amid ongoing issues with Binance.<\/p>\n<p>The amendments affect digital asset issuers, exchanges, and custodial platforms. The regulator suggests increasing:<\/p>\n<ul class=\"wp-block-list\">\n<li>the application fee from 100,000 naira to 300,000 naira (from \u223d$64 to $190 at the current rate);<\/li>\n<li>the registration fee from 30 million naira to 150 million naira (from \u223d$19,000 to $95,360);<\/li>\n<li>the mandatory share capital to 1 billion naira (\u223d$635,720).<\/li>\n<\/ul>\n<p>According to the SEC, the amendments will provide the market with &#8220;clarity&#8221; and allow for &#8220;consideration of proposals from industry stakeholders.&#8221;<\/p>\n<p>The initiative comes as the national currency falls to a record low against the dollar. Since February 25, local authorities <a href=\"https:\/\/u1f987.com\/en\/news\/binance-executives-detained-in-nigeria-amid-cryptocurrency-crackdown\">have detained<\/a> Binance&#8217;s Vice President of Global Intelligence and Investigations Tigran Gambaryan and the exchange&#8217;s Director for West and East Africa, Nadim Anjarwalla.<\/p>\n<p>Reports indicate they are being questioned &#8220;as part of an investigation by security agencies into currency market regulation.&#8221; Their court-sanctioned detention period ended on March 12.<\/p>\n<p>According to the WSJ, the Binance case is set for a hearing on March 20. Until then, the executives remain detained without charges.<\/p>\n<p>Previously, Nigerian authorities accused the platform of financing terrorism, money laundering, and manipulating the naira exchange rate. The local central bank reported that $26 billion passed through Binance in the past year, with sources &#8220;impossible to precisely determine.&#8221;<\/p>\n<p>In March, the local House of Representatives Committee on Financial Crimes summoned Binance CEO Richard Teng for questioning.<\/p>\n<p>The company was asked to provide a list of its top 100 users in Nigeria and the entire transaction history for the past six months. It was also required to settle any outstanding tax obligations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Nigerian Securities and Exchange Commission (SEC) has proposed a 400% increase in registration fees for cryptocurrency companies amid ongoing issues with Binance. The amendments affect digital asset issuers, exchanges, and custodial platforms. The regulator suggests increasing: the application fee from 100,000 naira to 300,000 naira (from \u223d$64 to $190 at the current rate); the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11715,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,150,36],"class_list":["post-11716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-nigeria","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/11716","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=11716"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/11716\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/11715"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=11716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=11716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=11716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}