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Home » Web3 industry faces jeopardy as Nigeria intensifies crackdown on Binance
Web3 industry faces jeopardy as Nigeria intensifies crackdown on Binance
Web3 industry faces jeopardy as Nigeria intensifies crackdown on Binance

Web3 industry faces jeopardy as Nigeria intensifies crackdown on Binance

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By admin on 2024-04-14 Cryptocurrency, Regulations Security

Nigeria is experiencing the repercussions of actions taken against Binance executives, leading to the withdrawal of investors from deals and partnerships, particularly in the web3 sector. The chairman of Nigeria’s Blockchain Industry Coordinating Committee (BICCoN), Lucky Uwakwe, highlighted Nigeria’s perceived lack of business safety and government hostility, using the Binance case as evidence.

In an interview with Cointelegraph, Uwakwe, who heads Nigeria’s intercommunity working group consisting of the Blockchain Nigeria User Group (BNUG), Cryptography Development Initiative of Nigeria (CDIN), and Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), expressed the concerns of investors. Uwakwe stated that investors are worried about facing similar repercussions to Binance when investing in local Web3 companies, resulting in a gradual divestment by already committed parties.

Binance executives Tigran Gambaryan and Nadeem Anjarwalla visited Nigeria in February following allegations that the exchange manipulated the country’s fiat currency, the naira. After a meeting with the Nigerian government regarding Binance’s regulatory issues, the executives were detained and charged with five counts of money laundering.

Uwakwe pointed out that the government’s approach to the Binance case is negatively impacting the entire nation. By pursuing fines against Binance, the government is undermining the entire industry and sacrificing potential growth for short-term measures.

When asked about the possibility of the Binance executives being acquitted in the current trial, Uwakwe expressed skepticism. He believes that unless certain conditions are met internally by the company, according to the government’s perspective, the executives have slim chances of acquittal. Uwakwe emphasized that even if the judge acquits the Binance executives, there is a strong possibility that the Nigerian government may disregard the court ruling, as observed in previous cases that were perceived to threaten the country’s stability.

Uwakwe addressed a potential question from the international community regarding the Nigerian crypto community’s lack of strong advocacy for the release of the Binance executives. He suggested that if Binance had engaged relevant associations earlier, they would have garnered support from pressure groups and lobbying efforts.

The Nigerian government has frequently clashed with cryptocurrency exchanges. Following criticism of crypto exchanges by the Nigerian government in February, Binance ceased operations using the naira on March 8.

In August 2022, Nigeria was recognized as the most crypto-obsessed country in the world based on the number of Google searches for “cryptocurrency” or “buy crypto.”

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