Blockchain group warns legal issues with Binance could damage Nigeria’s reputation 

The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) has shared its opinion on the ongoing dispute between Nigeria and Binance Limited saying that it is seriously concerned about the development and what it means for Nigeria’s optics.

Biccon a representative of the Nigerian blockchain ecosystem advocates a balanced approach to resolving the issue taking into consideration the implication of such a case on Nigeria’s blockchain industry and international reputation.

Biccon in their statement on the issue called for a transparent solution to the dispute that promotes trust and collaboration with stakeholders including international partners

Biccon president, Lucky Uwakwe, explained that the ongoing legal dispute which resulted in the detention of the finance executive has created an atmosphere of fear and uncertainty in the industry which could deter potential investors from investing in the country.

Mr. Uwakwe added that BICCON hopes to douse these concerns and create a positive environment that promotes growth and innovation in the blockchain industry.

“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 said.

Mr. Uwakwe added that his prescribed approach will go a long way to resolve the ongoing legal disputes and also pave the way for long-term growth.

“BICCoN also believes that the government should take proactive steps to reassure both local and international stakeholders of its commitment to a fair and balanced approach,” the committee wrote.

“Clear communication and ongoing dialogue with industry players, investors, and international partners are essential.”

The Nigerian state has come under a lot of pressure over the continued detention of Tigran Gambaryan in Kuje prisons. Various ex-United States senators have written to United States President Joe Biden to intervene in the situation and secure the release of the US citizen.

Last week, US lawmakers French Hill and Chrissy Houlahan made a visit to Kuje Prison in Nigeria, where detained Binance executive Tigran Gambaryan is being held.

The lawmakers decried the poor state of the prison and called attention to the fact that Tigran was being denied medical attention.

“We found him suffering from the conditions [at the Kuje prison] … Even worse, he’s being denied access to adequate medical attention.” The lawmakers said.

Notably, there was a recent court ruling on June 14 that cleared Gambaryan and Anjarwalla of tax evasion charges.

But Tigran Gamabaryan remains in Nigerian custody while Nardeem Anjarwalla escaped custody months ago.

What to know 

• The Nigerian authorities earlier this year carried out a crackdown on crypto entities and their activities in the country accusing them of currency manipulation that was hurting the country’s local currency. Binance and Kucoin both responded by delisting naira trading from their platforms.
• The case between Binance and Nigerian authorities has attracted a lot of opinion across various divides and has continued to make the headlines as it drags into its fifth month.