Nigerian Office Marks Key Entry

Blockchain.com, the UK-based crypto exchange, plans to establish a physical office in Nigeria during Q2 — its fastest-growing market in West Africa. According to Owenize Odia, Blockchain.com’s General Manager for Africa, “Nigeria has taken meaningful steps toward creating a clear framework for crypto.” The move also includes broader expansion plans in Ghana, Kenya, and South Africa.

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Although crypto trading remains restricted in many African countries, several — especially Nigeria and Ghana — are making moves toward formal legal frameworks. Ghana’s central bank released a draft indicating that crypto platforms may be regulated by September 2025. Meanwhile, Kenya continues to research the sector. These developments are crucial to Blockchain.com’s strategy, as regulatory clarity heavily influences expansion decisions.

South Africa Leads Africa’s Crypto Charge

South Africa is quickly becoming the continent’s crypto hub. With strong legal foundations and a business-friendly atmosphere, it has attracted global attention. According to Ben Caselin of VALR, a Johannesburg-based exchange, regulatory transparency is a key draw. As of March 2024, the Financial Sector Conduct Authority (FSCA) had approved 59 licenses, with over 260 applications under review.

Blockchain.com claims over 92 million wallets, 37 million verified users, and $1 trillion+ in total transaction volume globally.

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Nigeria to Tax Cryptocurrency Transactions: New Regulations on the Way

The Nigerian government is accelerating efforts to regulate and tax cryptocurrency transactions, aiming to strengthen control over the digital asset market while boosting national revenue.

Despite ranking among the top countries in crypto adoption, Nigeria has taken a cautious approach to digital assets, imposing restrictions in 2021. At the time, the Central Bank of Nigeria (CBN) banned financial institutions from facilitating crypto transactions, citing concerns over transparency and potential use in illicit activities.

However, the ban did little to deter Nigerian investors. Many turned to peer-to-peer (P2P) platforms, leading to a surge in unofficial trading volumes. Recognizing the resilience of the crypto community and its economic potential, the government lifted the ban in December 2023.

Following this policy shift, the Securities and Exchange Commission (SEC) introduced new guidelines allowing banks to manage cryptocurrency accounts. Additionally, the Finance Act 2022 paved the way for taxing crypto transactions, integrating the sector into the national tax framework. Under the new regulations, virtual asset service providers (VASPs) must obtain licenses to operate legally. Nigerian crypto platforms Busha and Quidax have already secured provisional licenses.

Comparison with South Africa

Unlike Nigeria, South Africa has adopted a more structured and inclusive regulatory approach. The country’s Financial Sector Conduct Authority (FSCA) recognizes crypto service providers as financial institutions, offering them a clear regulatory framework. This provides a more stable environment for crypto businesses, contrasting with Nigeria’s evolving and often uncertain policies.

The long-term impact of Nigeria’s new tax and regulatory measures on its crypto ecosystem remains to be seen.

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Arriving in Nigeria in February, Gambaryan, a former agent for the U.S. Internal Revenue Service and head of financial crime compliance, and another Binance official, Nadeem Anjarwalla, were arrested under charges of Binance allegedly making unlawful transaction gains locally. On February 28, they were charged criminalistically. Later on March 22, Anjarwalla escaped from jail.

According to Gambaryan’s family, his health is fast failing. They reported he had a ruptured disk, pneumonia, and is “mostly bedridden.”

Introduced by Republican Representatives Rich McCormick and French Hill in July, H.Res. 1348 passed by voice vote Tuesday during a hearing. During a Tuesday hearing, McCormick asked the U.S. State Department to “use all available assets, all means, to secure his release” and formally declare that Gambaryan is being “wrongly detained,” and demanded the Nigerian government to release him and grant him “unrestricted medical care.”

“Tigran is suffering, not to mention his wife and two small children waiting at home for his return,” McCormick said. “This is no way for an American citizen to be treated by the custody of a foreign government, especially one that’s supposed to be our ally and partner in the region.”

Top Democrat of the House Foreign Affairs Committee, Rep. Gregory Meeks, said the U.S. government had contacted the Nigerian government to release Gambaryan and expressed dismay about the nation’s response.

“I know that the State Department is fully engaged in Mr. Gambaryan’s case, and they are weighing the facts according to their process,” Meeks said in favor of the resolution. “But regardless of how that process unfolds, we have to keep pushing the Nigerian government.”

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Nigerian authorities have held the Binance executive for six months; his physical and mental health is fast declining. He has had herniated discs in his back and episodes of pneumonia, malaria, and tonsillitis. Lawyers for Gambaryan further assert that his incarceration circumstances at Kuje jail have prevented them from meeting with him to get ready for trial.

The family reported Gambaryan broke down in court crying at one point and was clearly in distress. Alleged ban on access to their client, Gambaryan’s lawyers applied for a fresh bail on medical grounds.

Prosecutors of the Economic and Financial Crimes Commission rejected the application, allegedly arguing that the Binance executive was not sick and had refused treatment in any event, the family said. Despite the prosecutors turning over part of his medical records suggesting surgery as soon as possible, they said, claiming important sections of the document had also been deleted.

In March, Gambaryan sued the EFCC and the National Security Adviser of Nigeria for violating his fundamental human rights. On Monday, he asked the court another plea, stating he is not getting appropriate medical treatment at the prison and is being deprived access to his legal counsel and embassy officials.

The judge decided to let Gambaryan use a wheelchair and will keep listening for the bail application as the trial moves on Wednesday.

“My husband was unlawfully detained by the Nigerian government after being invited under false pretenses for a meeting in their country. During this prolonged imprisonment, his health continues to deteriorate, and now he is in so much pain that he can barely walk. The U.S. government must do more to help Tigran,” Yuki, Gambaryan’s wife, stated in the statement.

“I am also deeply concerned about recent statements from Nigerian authorities denying Tigran’s health issues. The truth is that the prison has withheld his medical records for months, and even the partial records they finally released today say that Tigran needs surgery. This entire situation is inhumane and degrading, and I am fed up. There must be consequences for this disregard of law and human rights,” she said.

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ICP Hub Sahara’s Role

During the second DecaHack cohort hosted at the University of Ibadan (UI), the co-founder of ICP Hub Sahara, an official branch of the Internet Computer Protocol ecosystem, underlined the need for interacting with blockchain technology. Under ICP, DecaHack is an online blockchain bootcamp project with a hackathon and a stage pitch competition for prizes.

Adebajo emphasized that neglecting blockchain might have dire consequences for the future of the nation.

Designed for a public, smart contract-capable mainnet blockchain, the Internet Computer allows developers to create non-fungible coins and distributed apps (DApps).

Combining innovators, professionals, and blockchain aficionados from all throughout Africa, the event seeks to promote talks, presentations, and networking to advance the technology scene on the continent.

Promoting Technical Skills

Ucheena Agams, Web3 ambassador for Arbitrum, examined in his talk “The Future of Interoperability: How Web3 Innovators Could Bridge the Gap Between Blockchain and DApps” how Web3 innovators might solve the interoperability gap. His observations highlighted how easily Web3 technology could link several blockchain systems.

Agams dug into the technical side of front-end development, showing the vital role front-end designers play in creating user interfaces and experiences for applications and websites. His talk focused on the need for front-end abilities to enable blockchain technology to be understandable and user-friendly.

Future Prospects and Rewards

The organizers of the competition said that the top five firms will get rewards totaling up to $25,000 free of equity. Winners will also advance to the most well-known blockchain hacking conference, the national grand finale for Nigeria. Every finalist will also get mentoring, advice, and access to ICP grant submissions.

The project intends to set Nigerian young people up for success in the worldwide digital economy by motivating them to interact with blockchain technologies. This proactive strategy is supposed to increase technical innovation, support national development projects, and guarantee Nigeria stays competitive in the fast-changing tech scene.

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Interesting topic: Coinbase and Ripple Cite Binance Ruling in SEC Cases

– February: Nigerian corporate blocked access to major crypto exchanges, including Binance, over currency manipulation and money laundering concerns, prompting Binance shares Nadeem Anjarwalla and Tigran Gambaryan to meet in Abuja. A National Security Advisory investigation was launched.

Escalation and Age Developments

– March 18: The Economic and Financial Crimes Commission (EFCC) issued a court order requiring Binance to disclose details of the attack due to money laundering and terrorism financing concerns. Forex manipulation contributed to the collapse of the naira, an inter-agency committee claims.
– March 19: Nadeem Anjarwalla escaped from custody using his Kenyan passport during Ramadan prayers. The Federal Revenue Service (FIRS) has initiated a penalty against Binance for tax non-compliance in Nigeria.
– April 8: EFCC charges Gambaryan with a total of 34 million articles for money laundering, foreign exchange speculation and tax evasion. Gambaryan’s request to annul Binance’s representation in court was rejected, and as a result, he was transferred to Kuje Prison.

Ongoing Detention and International Intervention

– May 7: Binance CEO Richard Teng expressed concern over Gambaryan’s prolonged detention despite Binance’s cooperation. Allegations are emerging that a well-known Nigerian official announced a 150 million-odd crypto payment request that Binance interpreted as a bribe. Rabiu Ibrahim, an official at the Nigerian Ministry of Information, rejects these bribery allegations as false and misleading.

June 4: At two US hearings, he persuaded President Biden to secure Gambaryan’s release by making false accusations aimed at coercing Binance. Nigeria’s Minister of Information defended the legal process, noting Binance’s significant profits from its Nigerian operations.

Industry Concerns and Legal Proceedings

– June 14: FIRS drops charges against Gambaryan and Anjarwalla, focusing solely on Binance through local administrator. This decision now saves Gambaryan from going to trial. The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) warns of the adverse effects of the legal dispute on the blockchain industry and advocates for a fair trial to restore confidence in the recession.

July 2: Judge Nwite at Kuje Prison Center expected to release Gambaryan’s medical records due to health issues. Gambaryan, a US citizen, receives limited treatment assistance despite his long-term stay. The court concluded the first witness interrogation in the case filed by EFCC against Binance and Gambaryan and postponed the trial to July 5.

Current status

– July 5: Nigerian prosecutors continue the case against Tigran Gambaryan. The situation of the Binance executive, who has been detained by the EFCC since February, continues; Significant legal battles and international attention have focused on his case.

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The Pan-African Conference on Illicit Financial Flows and Taxation is an annual forum organized by the African Union, bringing together key stakeholders to discuss and develop strategies against IFFs. The conference serves as a platform for sharing insights, strategies, and best practices.

Olukoyede stressed the importance of establishing robust legal frameworks and capacity building at national, regional, and international levels to tackle IFFs effectively. He advocated the adoption of advanced technologies like data analytics, blockchain, and AI to improve asset tracking and recovery efforts.

He highlighted that the recovery of lost funds could significantly enhance infrastructure, healthcare, and education across the continent. As an example of successful international cooperation, he cited the repatriation of $311 million from the United States in 2020, linked to former Nigerian dictator Sani Abacha.

Olukoyede emphasized that effective anti-corruption efforts require international cooperation and pressure on tax havens and low-tax jurisdictions to ensure compliance. He stressed the need for strong advocacy to secure international support in fighting IFFs.

Blockchain technology offers transparency and traceability, making it easier to track financial transactions and prevent illicit activities. AI can analyze large datasets to detect patterns indicative of financial crimes, enhancing the ability of financial watchdogs to identify and intercept illegal financial flows.

In conclusion, Olukoyede’s advocacy for blockchain and AI represents a forward-thinking approach to tackling the persistent challenge of IFFs in Africa. By leveraging advanced technologies and fostering international cooperation, African nations can better protect their financial resources and invest in critical sectors to promote sustainable development.

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The executive secretary of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), Rume Ophi, said in an interview that the official Nigerian narrative that global cryptocurrency platforms helped to devalue the naira is unrealistic.

Ophi claimed that with a framework implemented by the Nigerian Securities and Exchange Commission (SEC) in 2022, Nigeria can efficiently control the cryptocurrency sector.

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The government shifted its emphasis to platforms offering cryptocurrencies due to the fast drop in the naira and the consequent almost three-decade-high inflation rate of 29.9%. These websites have gained notoriety for their trading and unofficial naira value establishment.

Associate lecturer at the University of East London, Iwa Salami, contended in a recent opinion post that cryptocurrency has been wrongly blamed for depreciating national currencies.

She advised Nigerian authorities to use a mixed regulation strategy rather than a total prohibition since, despite their links with drug trade and money laundering, crypto has never been directly linked to the devaluation of currencies.

“Nigeria must have a balanced approach to control if the sector is to flourish without endangering financial and monetary stability. A stable financial system can effectively distribute resources and control financial hazards. The strategy has to guard investors and customers.”

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Salami underlined that instead of prohibition, Nigerian authorities might achieve their objectives by means of control. Authorities can demand cryptocurrency exchanges expose the identities of wallet holders linked to questionable activity by using the 2022 regulatory framework set by the Nigerian SEC, therefore balancing control and innovation.

The associate professor claims that global acceptance of international standards for crypto assets, including recommendations of the Financial Stability Board, would offer a consistent answer to the issues expressed by Nigerian authorities and other authorities worldwide, fostering clarity and consistency in controlling crypto asset activities.

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Nigerian news source The Nation reports that Nwite agreed with the prosecution’s contention that Gambaryan was a flight risk in a decision made on Friday. It is reported that the judge said in his decision that the nature and gravity of the offense should be taken into account when determining whether or not to provide the prisoner with bail.

The chief of financial crime compliance at Binance started his trial on a $35 million money laundering charge on Friday.

Since arriving in Nigeria in late February, Gambaryan has been detained. He came into the nation to talk to the authorities about the functioning of the bitcoin exchange.

Related: Binance CEO Richard Teng Demands Release of Gambaryan

While the Federal Inland Revenue Service of Nigeria is handling the tax violation accusation, the Nigerian Economic and Financial Crimes Commission is prosecuting the money laundering case. On April 8, Gambaryan entered a not guilty plea to the money laundering accusation.

In response to the latest event, a Binance representative stated to The Block, “We are really concerned that Tigran Gambaryan—who lacks decision-making authority within the company—remains in custody. Tigran has spent the majority of his life serving the people and battling criminals. These accusations are totally without any basis. While talks between Binance and Nigerian government authorities continue, he ought to be set free.”

Speaking out on Gambaryan’s continued imprisonment, Binance CEO Richard Teng declared that the compliance officer of the cryptocurrency exchange is “innocent and must be released.”

Following their arrival in Abuja, the capital city of Nigeria, on February 26, Binance’s Africa regional manager Nadeem Anjarwalla and U.S. citizen Gambaryan, who is in charge of financial crime compliance at the cryptocurrency exchange, were arrested. They were charged criminally with money laundering and tax evasion on February 28. Anjarwalla then managed to get out of jail on March 22.

Teng said in a blog entry earlier this month, “To invite a company’s mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for all companies worldwide.”

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