CBN governor speaks on regulating cryptocurrency in Nigeria as FG searches for Binance executive

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), has revealed that it is not within the bank's power to regulate.

Speaking after the Monetary Policy Committee’s (MPC) meeting on Tuesday, March 27, 2024, Cardoso said that the apex bank can not prosecute players in the cryptocurrency sector.

According to Cardoso, the regulation of cryptocurrency platforms is the duty of the Securities and Exchange Commission (SEC) in Nigeria, as well as the national adviser’s office, and not that of the CBN.

He said: “A month ago, we actually did have collaboration with law enforcement agencies, EFCC, the SEC and other regulatory bodies as well. And I think what came out of that, quite frankly, is work in progress, but also very positive,” he said.

“We’ve been sharing information together. However, in this particular case the responsibility for regulating cryptocurrency is not our role.

“It is not ours. It is strictly that of the Security and Exchange Commission (SEC). That is not our responsibility."

FG arrest Binance executives

Earlier, Legit.ng reported that FG arrested Binance executives for two Binance top executives — Nadeem Anjarwalla, a 37-year-old British-Kenyan and Binance’s regional manager for Africa; and Tigran Gambaryan, a 39-year-old US citizen and Binance’s head of financial crime compliance — were detained by the Nigerian authorities for weeks.

On March 25, the office of the national security adviser (ONSA) confirmed Nadeem Anjarwalla had escaped its custody.

Reacting to the development Cardoso said: “Of course, the issue of people being held in custody, again strictly speaking is the Office of the National Security Adviser.

“That is not within the purview of the central bank. Unfortunately, there is nothing to report to you or tell you. We just want to clarify that is really the relationship the central bank has on this matter.”

Binance, others face billions of dollars in fines Legit.ng reported that the Securities and Exchange Commission (SEC) might slam substantial fines running into billions of dollars on Binance, the world's largest cryptocurrency exchange and others operating in Nigeria.

SEC and other security operatives are investigating allegations of currency manipulations against the Nigerian currency by Binance and other crypto platforms. The development allegedly contributed to the current foreign exchange crisis in Nigeria.