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Cardoso says CBN not in charge of crypto regulation

The governor of Central Bank of Nigeria asserts that the Securities and Exchange Commission is in charge of overseeing cryptocurrency regulations. The governor did, however, state that the central bank will work with the authorities in charge of the Nigerian cryptocurrency industry and law enforcement.

The governor of the Central Bank of Nigeria, CBN, Yemi Cardoso, stated unexpectedly that his institution is not in charge of regulating cryptocurrencies. Cardoso stated that the Nigerian Securities and Exchange Commission, SEC is tasked with carrying out this function during a media event.

Cardoso made these remarks shortly after a Binance executive, detained by the Nigerian authorities, broke free and fled the nation. The Office of the National Security Adviser has pledged to work with Interpol on the matter after confirming the escape of Binance CEO Nadeem Anjarwalla.

Prior to Cardoso’s most recent remarks, the CBN actively attempted to regulate the cryptocurrency market in Nigeria under the direction of Godwin Emefiele, who is currently incarcerated.

The bank appeared to take over the SEC at one point after it released a guideline prohibiting banks from providing services to cryptocurrency businesses. Issued on 5 February 2021, this regulation seems to go against the crypto recommendations that the SEC had published on 14 September 2020.

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Recall that several members of Nigeria’s cryptocurrency community applauded these rules, which they perceived as a first step toward legalising cryptocurrencies.

The CBN’s action a few months later ultimately forced the SEC to postpone the guidelines, even though the guidelines implied that the SEC would regulate this industry.

Nonetheless, a Nairametrics article claims that the Central Bank of Nigeria, led by Cardoso, is now at ease with the SEC taking the lead in regulating cryptocurrencies. Additionally, the governor indicated that his agency is ready to work with other regulators and law enforcement.

Cardoso 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.”

Cardoso stated that only the proper government branch may comment when questioned about the incarceration of executives from Binance.

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Chris Thompson
Chris Thompson
Chris Thompson is an international writer with expertise in politics, business and public affairs.

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