Nigerian Blockchain Committee Warns Binance Legal Issues Could Damage Country’s Reputation
The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) has expressed concerns over the ongoing legal disputes between cryptocurrency exchange Binance and the Nigerian government.
BICCoN, which represents the Nigerian blockchain industry, has urged a balanced approach to resolving these issues, noting the potential implications for the country’s blockchain ecosystem and international reputation.
In a recent statement, BICCoN emphasized the importance of a fair and transparent resolution that promotes trust and collaboration with stakeholders, including international partners.
The ongoing legal battles and detention of Binance executives have created an atmosphere of uncertainty and risk, potentially deterring potential investors and partners, according to BICCoN President Lucky Uwakwe.
He added that BICCoN aims to mitigate these concerns and foster an environment conducive to growth and innovation in the blockchain industry.
Local stakeholders have previously stressed the need for responsible regulation of the digital assets industry in Nigeria, emphasizing the importance of clear regulations, investor confidence, and enhanced regulatory capabilities.
“BICCoN believes that the Nigerian government should address issues proactively,” the statement read.
“By taking steps to resolve the current legal challenges fairly and transparently, the government can restore confidence among investors and the international community.”
BICCoN releases statement on Binance-Nigeria situation. Highlights industry impact, law enforcement implications, and balanced resolutions. Read our analysis and recommendations for a robust blockchain ecosystem: https://t.co/RXlGkcEJMj @cenbank @SECNigeria @binance @Coin pic.twitter.com/11QFlLn46d
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