Binance dispute prompts Nigerian blockchain advocacy group to issue cautionary notice

Nigeria’s blockchain advocacy group, Blockchain Industry Coordinating Committee of Nigeria (BICCoN), has called for a balanced resolution to Binance’s current legal turmoil with the Nigerian government. The group raised concerns regarding Nigeria’s international reputation and called for an approach that promotes trust and confidence in the process. BICCoN also warned that the continued delay in resolving the matter could harm the nation’s blockchain industry. The group urged for constructive dialogue with Binance and other relevant stakeholders, stressing that all processes should be transparent, fair, and adhere to international best practices. The group is concerned that the situation could hamper the ability of Nigerian authorities to combat financial crimes and ensure a secure environment for all stakeholders. Binance’s Tigran Gambaryan and Nadeem Anjarwalla were detained on February 26, and Gambaryan’s continued detention has stirred political waters, with U.S. lawmakers and officials urging the U.S. president’s intervention. Nigerian regulators haven’t been too responsive despite the escalating situation.