Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»TRADING NEWS»Cryptocurrency exchange fees should increase fivefold
TRADING NEWS

Cryptocurrency exchange fees should increase fivefold

By Crypto FlexsMarch 17, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Cryptocurrency exchange fees should increase fivefold
Share
Facebook Twitter LinkedIn Pinterest Email

Nigeria’s Securities and Exchange Commission (SEC) has proposed a significant increase in registration fees for cryptocurrency exchanges operating in the country.

The proposed amendments would increase the fee from the current 30 million naira (about $18,620) to 150 million naira ($93,000). The adjustments are part of a wider range of changes proposed to strengthen the regulatory framework for digital asset service providers.

The SEC is also seeking to provide clearer regulatory guidance for cryptocurrency services. This includes incorporating feedback from industry stakeholders, particularly following recent discussions with the Central Bank of Nigeria (CBN).

The initial rules and guidelines for cryptocurrency and digital asset service providers were published by the Nigerian SEC in May 2022. However, on Friday March 15, 2024, the Commission announced its intention to amend these rules.

Under the proposed changes, the application fee for institutions such as digital asset exchanges, digital asset offering platforms and digital asset custodians will increase from 100,000 naira ($62) to 300,000 naira ($186).

The registration processing fee will also increase by 234% from 300,000 naira ($186) to 1 million naira ($620).

Another important modification includes changing the rule name. The name changes from “New Rules on Issuance, Offering Platforms, and Storage of Digital Assets” to “Rules on Issuance, Offering Platforms, Exchanges, and Storage of Digital Assets.”

diplomatic friction

Meanwhile, Tigran Gambaryan, a US citizen and head of the criminal investigation team at the Binance cryptocurrency exchange, has been detained by Nigerian authorities without formal charges since February 26, 2024.

The circumstances surrounding the arrest prompted U.S. government intervention.

Gambarian and one of his associates were reportedly detained by armed individuals after being lured to Nigeria under false pretenses.

Their passports have been confiscated and they are being held in an undisclosed location, raising speculation that there may be a government-led effort to secure a large ransom from Binance.

The lack of clear charges against detained individuals and their denial of legal representation led to criticism of the legality of their detentions.

The case not only challenges international legal norms but also strains diplomatic relations between Nigeria and the United States, which provides Nigeria with more than $1 billion in foreign aid annually.

Follow us on Google News

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Why Bakkt Holdings can buy Bitcoin with a $ 1 billion increase

June 27, 2025

Why I am still optimistic despite noise

June 26, 2025
Add A Comment

Comments are closed.

Recent Posts

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025
Most Popular

OpenAI Releases SearchGPT Prototype for Enhanced AI Search Capabilities

July 29, 2024

Ethereum is stagnating in price, reflecting the 2016 trend. Is it possible that ETH losses will increase further?

August 22, 2024

Ethereum’s Buterin advocates multi-signature and says Shamir backups are ‘a way to mess up.’

May 1, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.