Nigeria’s standing in the global cryptocurrency community is at risk due to recent crackdowns by the government on local exchanges. However, Oladotun Wilfred Akangbe, the chief marketing officer of the Flincap crypto exchange, remains optimistic that the country can overcome these challenges.
In an interview with Cointelegraph, Akangbe expressed his concerns about Nigeria’s reputation in the international crypto market following recent events. Nevertheless, he pointed out that Nigeria has faced even greater obstacles in the past and managed to come out stronger.
In February, the Nigerian government collaborated with the country’s telecommunication providers to block access to the websites of several crypto exchanges, including Binance and OctaFX. The authorities accused Binance of illegally transferring $26 billion out of the country and invited representatives from the exchange to discuss the matter.
As a response to the allegations of manipulating Nigeria’s fiat currency, the naira, Binance executives Tigran Gambaryan and Nadeem Anjarwalla visited Nigeria in February. However, they were detained and faced charges related to money laundering after their meeting with Nigerian officials. Anjarwalla managed to escape custody and was later found in Kenya, where he is currently facing extradition.
Akangbe acknowledged that controversies within Nigeria’s crypto sector are to be expected given the country’s increasing adoption of cryptocurrency. He emphasized Nigeria’s significant role as a user of cryptocurrency and a global adopter of blockchain technology, remaining hopeful about the future of crypto in the country.
According to Akangbe, the current sentiment in Nigeria towards crypto is a mix of enthusiasm and caution. While there is excitement about the potential of the crypto industry, concerns persist regarding regulations, cryptocurrency volatility, and the risks of scams and fraud.
Akangbe further clarified that the uncertainties arise from the ongoing back-and-forth between the Nigerian government and stakeholders in the crypto space. Local crypto analysts have expressed disappointment with the government’s unfriendly approach towards crypto in addressing the nation’s foreign exchange challenges.
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