July 15, 2024
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BICCoN Calls for Balanced Approach in Binance-Nigeria Dispute

The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) has urged a balanced approach to resolving the legal issues between Binance and the Nigerian government. Representing the Nigerian blockchain industry, BICCoN is concerned about the potential negative impact on the country’s blockchain ecosystem and international reputation.

While acknowledging the government’s duty to safeguard national interests, including economic stability and regulatory compliance, BICCoN emphasizes the need for a fair and transparent resolution. The organization advocates for constructive dialogue and collaboration with all stakeholders. This includes international partners to foster trust and confidence in the process.

Impact on Investment and Innovation

BICCoN president Lucky Uwakwe highlighted that the ongoing legal battles and detention of Binance executives have created an atmosphere of uncertainty and risk. This situation deters potential investors and partners from engaging with Nigeria’s virtual asset and Web3 industry. Uwakwe stressed the importance of clear regulations, investor confidence, and enhanced regulatory capabilities to effectively manage the cryptocurrency market.

Local stakeholders have previously stressed that responsible regulation, rather than clampdowns and shutdowns, is essential to reposition the Nigerian market positively. Uwakwe commended the Nigerian Securities and Exchange Commission (SEC) for its efforts to develop a regulatory framework. He also urged a speedy conclusion to the process.

Path to Sustainable Growth

Furthermore, BICCoN believes that a balanced approach can help resolve current challenges fairly and sustainably. This approach aims to foster collaborations that will empower Nigeria. The goal is to create a supportive environment for the blockchain industry to thrive. According to Uwakwe, addressing immediate concerns while promoting sustainable sectoral growth and innovation is crucial for the future.

On February 26, Binance regional manager Nadeem Anjarwalla and head of financial crime compliance Tigran Gambaryan were detained in Nigeria. They face charges from the Federal Inland Revenue Service for tax evasion and from the Economic and Financial Crimes Commission for money laundering and foreign exchange violations.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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