The Securities and Exchange Commission (SEC) in Nigeria has introduced a plan to raise registration fees by 400% for cryptocurrency companies as a result of a dispute with Binance.
The changes will impact digital asset issuers, exchanges, and custodial platforms.
According to the SEC, these changes will provide greater clarity to the market and are open to feedback from industry representatives.
This announcement comes amid the weakening of the national currency against the dollar. In February, Binance Vice President of Global Intelligence and Investigations Tigran Gambaryan and director for West and East Africa Nadeem Anjarwalla were detained by local authorities.
They are currently being interrogated as part of an investigation into the regulation of the foreign exchange market. Their detention period, authorized by the court, ended on March 12.
