Nigerian Blockchain Committee Raises Concerns about Potential Damage to Country’s Reputation Due to Binance Legal Disputes
The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) has voiced worries about the ongoing legal conflicts between cryptocurrency exchange Binance and the Nigerian government. Representing the Nigerian blockchain sector, BICCoN is advocating for a balanced approach in resolving these disputes, emphasizing the impact on the country’s blockchain ecosystem and global image.
In a recent communication, BICCoN highlighted the necessity of a fair and transparent resolution that fosters trust and cooperation with stakeholders, including international partners. The continuous legal battles and detainment of Binance executives have created an atmosphere of uncertainty and risk, potentially dissuading investors and partners, as stated by BICCoN President Lucky Uwakwe.
Uwakwe stressed BICCoN’s commitment to addressing these concerns to create an environment that supports growth and innovation in the blockchain industry. Local stakeholders have previously emphasized responsible regulation of the digital assets sector in Nigeria, underlining clear regulations, investor trust, and improved regulatory capabilities.
BICCoN advocates for proactive government intervention to not only resolve ongoing legal disputes but also lay the groundwork for long-term sectoral progress and innovation. Additionally, the committee believes that the government should take steps to reassure both local and international stakeholders of its dedication to a fair and equitable approach.
Recently, US lawmakers French Hill and Chrissy Houlahan visited Kuje Prison in Nigeria where detained Binance executive Tigran Gambaryan is being held. Hill highlighted Gambaryan’s unjust detention in unfavorable conditions, drawing attention to his health challenges while in custody. Despite facing health issues such as malaria, double pneumonia, and significant weight loss, Gambaryan is reportedly not receiving adequate medical attention.
A noteworthy development was a court ruling on June 14 that acquitted Gambaryan and Anjarwalla of tax evasion allegations. Initially accused by the FIRS in March 2024 of failing to pay taxes on cryptocurrency transactions amounting to billions of naira, both individuals were cleared of these charges.
Moreover, Binance CEO Richard Teng accused a Nigerian government official of pressuring crypto representatives to accept a covert agreement to settle Nigeria’s claims against the exchange, alleging a $150 million bribe from within the Nigerian government. However, Nigeria retaliated against Binance’s bribery accusation, labeling it a distraction from the exchange’s activities.
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