BoG Orders Mandatory Registration of Binance and All Virtual Asset Firms by August 15

The Bank of Ghana (BoG) has instructed all Virtual Asset Service Providers (VASPs)  including global giants like Binance to complete mandatory registration with the Central Bank by August 15, 2025, in an effort to strengthen regulatory oversight of Ghana’s digital financial ecosystem.

The BoG announced the directive in a notice issued on July 10, 2025, emphasizing that the exercise is “compulsory” and forms part of its preliminary regulatory framework to map, identify, and assess entities engaged in virtual asset activities.

This includes cryptocurrency exchanges, digital wallet services, settlement platforms, and issuers of virtual assets such as initial coin offerings (ICOs) and stable coins.

“All VASPs currently offering services to persons resident in Ghana, whether through physical presence or digital platforms, are required to complete the registration process,” the central bank stated.

Registration is Not Licensing

The Bank of Ghana was quick to clarify that the registration process does not constitute a license to operate, nor does it imply legal recognition or regulatory approval of the entities involved.

“Failure to comply may result in regulatory sanctions or disqualification from future licensing opportunities,” the notice warned.

The Central Bank also explained that this initial registration will inform the development of future legal and regulatory frameworks to govern virtual assets in Ghana, ensuring alignment with “market developments and global best practices.”

The move signals BoG’s increasing focus on the rapidly expanding virtual asset industry, which has so far operated in a largely unregulated environment.

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