The Nigerian Blockchain Industry Coordinating Committee (BICCoN) has urged for a fair approach in resolving the legal disputes between the Nigerian government and crypto exchange Binance. BICCoN, representing the blockchain industry in Nigeria, is deeply concerned about the impact of these issues on the country’s blockchain ecosystem and global standing.
BICCoN is calling for a “balanced resolution” in the Binance Saga, acknowledging the government’s duty to protect national interests such as economic stability and regulatory compliance. They stress the importance of a balanced approach that fosters trust, confidence, and collaboration with stakeholders, including international partners.
President of BICCoN, Lucky Uwakwe, expressed to Cointelegraph that the ongoing legal battles and detention of Binance executives have created an atmosphere of uncertainty and risk, discouraging potential investors and partners. Local stakeholders have emphasized the need for responsible regulation of the digital assets industry in Nigeria, rather than harsh enforcement measures that could hinder market growth.
While commending the Nigerian Securities and Exchange Commission (SEC) for developing a regulatory framework, Uwakwe highlighted the necessity of clear regulations, investor confidence, and enhanced regulatory capabilities to effectively manage the cryptocurrency market. BICCoN believes that a balanced approach can lead to fair and sustainable solutions to current challenges, promoting collaborations that will enable Nigeria to establish a supportive environment for the blockchain industry to flourish.
The detention of Binance regional manager Nadeem Anjarwalla and head of financial crime compliance, Tigran Gambaryan, in Nigeria on February 26th has sparked concerns. Gambaryan had traveled from the U.S. to Nigeria to assist in the company’s defense against tax evasion and money laundering charges. Binance and its executives are facing two separate cases by the Federal Inland Revenue Service and Economic and Financial Crimes Commission, focusing on tax evasion and money laundering, respectively.
Authorities in the U.S. are intensifying efforts to combat crypto-related crime, putting pressure on regulation enforcement agencies.