The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) has urged a nuanced approach to resolving the ongoing legal disputes involving the Nigerian government and crypto exchange giant Binance. Representing Nigeria’s blockchain sector, BICCoN expresses deep concern over the potential impacts on the nation’s blockchain ecosystem and global standing.
BICCoN advocates for “balanced resolutions” in the Binance saga, recognizing the government’s duty to uphold national interests such as economic stability and regulatory adherence. Emphasizing trust and cooperation among stakeholders, including international partners, BICCoN calls for a collaborative resolution process.
President Lucky Uwakwe of BICCoN conveyed to Cointelegraph that the current legal confrontations and detention of Binance executives have created an atmosphere of uncertainty, deterring prospective investors and partners. Local stakeholders stress the necessity for responsible regulation rather than stringent crackdowns to revitalize Nigeria’s market.
Uwakwe commended the Nigerian Securities and Exchange Commission (SEC) for initiating a regulatory framework while urging swift conclusion and clarity in the process. He stressed that clear regulations and bolstered regulatory capabilities are pivotal to effectively managing the cryptocurrency market and fostering investor confidence.
BICCoN believes that a balanced approach will facilitate equitable and sustainable resolutions to current challenges, paving the way for collaborations that empower Nigeria to nurture a supportive environment for blockchain innovation. According to Uwakwe, this approach will address immediate concerns and foster sectoral growth and innovation in the long term.
On February 26, Nigeria detained Binance’s regional manager, Nadeem Anjarwalla, and head of financial crime compliance, Tigran Gambaryan. Gambaryan had traveled from the U.S. to aid in the company’s defense against charges related to tax evasion and money laundering. Binance and its executives face separate cases from the Federal Inland Revenue Service and Economic and Financial Crimes Commission, concerning tax evasion and financial infractions.
Source: BICCoN