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Nigerian Blockchain Advocacy Group Warns of Binance Dispute Repercussions
Binance’s current legal turmoil with the Nigerian government has caught the attention of the national blockchain advocacy group, which has called for a balanced solution.
The Blockchain Industry Coordination Committee of Nigeria (BICCoN) represents the nation’s blockchain sector. The group has raised concerns about the nation’s international reputation.
In their declarationBICCoN urged a balanced approach keeping in mind the nation’s duty to protect national interests, such as economic stability and regulatory compliance. The group ensured a resolution that promotes trust in the process.
Therefore, he advocated an approach that encourages collaboration with global partners and stakeholders.
The group warned that continued delays in resolving the issue could harm the nation’s blockchain industry.
THE Binance executive detention Tigran Gambaryan has begun to have “ripple effects” that threaten Nigeria’s ability to maintain and consolidate crucial collaborations with international partners.
Furthermore, recent events have also led to a “chilling effect on investment.” The group reported a significant decline in foreign investment, which it said was detrimental to the country’s economic growth.
Furthermore, the BICCoN also highlighted that the situation “could lead to the withdrawal of support” from international partners. This would leave local regulators and the nation’s law enforcement agencies without the tools and expertise needed to effectively regulate the industry.
“Nigerian regulators will benefit greatly from continued access to advanced tools and resources provided by international blockchain entities,” the statement read.
Therefore, the group fears that this could hinder the ability of the Nigerian authorities to combat financial crimes and ensure a safe environment for all stakeholders.
The statement also recognized Gambaryan’s expertise, arguing that his expertise would be an “invaluable asset” to help Nigerian regulators in their law enforcement efforts.
“To the contrary, his detention undermines the potential of such collaborative efforts,” the BICCoN added.
BICCoN recommends a “constructive dialogue” with Binance and other relevant stakeholders to work towards a mutually beneficial solution. Beyond that, the group also emphasized that all processes should be “transparent, fair and adhere to international best practices.”
Ultimately, BICCoN concluded that a balanced approach could help resolve the recent issues fairly, while maintaining relationships that would help Nigeria create an “enabling environment” for the nation’s blockchain sector.
Gambaryan and Binance regional manager Nadeem Anjarwalla were arrested on February 26. The two had traveled to Nigeria to help Binance defend itself against charges of tax evasion and money laundering.
Gambaryan was arrested after two meetings with Nigerian authorities. The meetings allegedly began as professional but turned hostile.
His continued detention is stirred the political waterswith U.S. lawmakers and officials urging the The intervention of the US president.
Most recently, Arkansas Republican Rep. French Hill supported the release of Gambaryan during an interview with FOX Business. Hill said the Binance executive was involved in a “Nigerian political fight.”
However, Nigerian regulators have not been too responsive despite the escalating situation. On June 6, Nigerian Information Minister Mohammed Idris defended Gambarayan’s trial despite numerous claims that he was detained in difficult conditions because he was suffering from malaria.