| On Crypto and Binance in
Nigeria Inner City Press Asked the IMF Which
Says Must Register
by
Matthew Russell Lee, Patreon Substack
SOUTH BRONX /
SDNY, May 17 – A year after
the failure of Silicon Valley
Bank and Signature Bank, the
International Monetary Fund
has warned of more trouble,
just as NYCB teeters. Inner
City Press on March 7 asked
the IMF about it, video here.
Then on
crypto on May 16, Inner City
Press asked the IMF in
writing, "On Nigeria and
crypto, what is the IMF's
comments on reports that the
IMF 'commended the Nigerian
regulatory bodies’ handling of
crypto-related cases, evident
in the ongoing legal dispute
between the Nigerian
government and the world’s
largest exchange, Binance'?
Including the arrests?"
The IMF to its
credit answered on May 17,
attributable to an IMF
spokesperson: "We cannot
comment on ongoing legal
actions in a member country.
While crypto assets purport
significant advantages for
users in terms of speed and
cost-effectiveness, these have
not yet materialized. Further,
they can also be used for
illicit purposes. Global
crypto trading platforms that
want to operate in Nigeria
should be registered or
licensed in Nigeria and
subject to the same regulatory
requirements applicable to
other financial
intermediaries.”
Watch this site.
***
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