Nigerian Blockchain Group Seeks Fair Resolution in Binance Case

The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) has advocated for a fair and equitable resolution of the ongoing legal disputes between the Nigerian government and the crypto exchange Binance

BICCoN, the organization representing the Nigerian blockchain industry, is apprehensive about the potential consequences for the country’s blockchain ecosystem and international reputation.

BICCoN urges “balanced resolutions” in the Binance Saga

BICCoN underscores the importance of a balanced approach that fosters trust and confidence in the process and encourages collaboration with stakeholders, including international partners while acknowledging the Nigerian government’s obligation to protect national interests, which include economic stability and regulatory compliance.

In an interview with Cointelegraph, BICCoN president Lucky Uwakwe stated that the ongoing legal disputes and the detention of Binance executives had fostered an environment of uncertainty and risk, discouraging potential investors and partners.

“We suggest that a fair and transparent resolution, constructive dialogue, and international collaboration be implemented to resolve the regulatory and compliance challenges that Nigeria’s virtual asset and Web3 industry faces.”

The Nigerian government and regulators have been urged by local stakeholders to responsibly regulate the digital assets industry rather than enforcing clampdowns, crackdowns, and shutdowns to reposition the Nigerian market. This has been previously emphasized.

Clarity in the regulatory framework is required

Uwakwe commended the Nigerian Securities and Exchange Commission (SEC) for creating a regulatory framework and encouraged a prompt resolution. However, he also underscored the significance of clear regulations, investor confidence, and improved regulatory capabilities to manage the cryptocurrency market effectively.

BICCoN is confident that an equitable and sustainable resolution to the current challenges can be achieved by developing a balanced approach and fostering collaborations that will enable Nigeria to establish a supportive environment for the thriving blockchain industry.

Uwakwe posits that this method will resolve immediate issues and facilitate sustainable sectoral development and innovation in the future.

Nadeem Anjarwalla, the regional manager of Binance, and Tigran Gambaryan, the director of financial crime compliance, were apprehended in Nigeria on February 26.

Gambaryan had traveled from the United States to Nigeria to support the company’s defense against allegations of tax evasion and money laundering.

The Federal Inland Revenue Service and the Economic and Financial Crimes Commission have each initiated separate proceedings against Binance and its executives.

The former is concerned with tax evasion, while the latter is concerned with money laundering and foreign exchange violations.