The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) has called for a balanced approach to resolving the ongoing legal issues between crypto exchange Binance and the Nigerian government. 

BICCoN, which represents the Nigerian blockchain industry, is concerned about the implications for the country’s blockchain ecosystem and international reputation.

BICCoN call for “balanced resolutions” in Binance Saga

While recognizing the Nigerian government’s responsibility to safeguard national interests, including economic stability and regulatory compliance, BICCoN emphasizes a balanced approach that promotes trust and confidence in the process and encourages collaboration with stakeholders, including international partners.

BICCoN president Lucky Uwakwe told Cointelegraph that the ongoing legal battles and detention of Binance executives had created an atmosphere of uncertainty and risk, deterring potential investors and partners:

“We recommend a fair and transparent resolution, constructive dialogue, and international collaboration to address regulatory and compliance challenges in Nigeria’s virtual asset and Web3 industry.”

Local stakeholders have previously stressed the need for the Nigerian government and regulators to responsibly regulate the digital assets industry rather than enforcing clampdowns, crackdowns and shutdowns to reposition the Nigerian market.

Need for clear regulatory framework

While Uwakwe commended the Nigerian Securities and Exchange Commission (SEC) for developing a regulatory framework and urged a speedy conclusion to the process, he also emphasized the importance of clear regulations, investor confidence and enhanced regulatory capabilities to effectively manage the cryptocurrency market.

Related: Nigeria rejects claims of poor prison conditions, health for Binance exec

BICCoN believes that a balanced approach can help resolve the current challenges fairly and sustainably and foster collaborations that will empower Nigeria to create a supportive environment for the blockchain industry to thrive.

According to Uwakwe, this approach will address immediate concerns and allow for sustainable sectoral growth and innovation in the future.

On Feb. 26, Binance regional manager Nadeem Anjarwalla and the head of financial crime compliance, Tigran Gambaryan, were detained in Nigeria. Gambaryan had traveled from the U.S. to Nigeria to assist in the company’s defense against tax evasion and money laundering charges.

Binance and its executives face two separate cases by the Federal Inland Revenue Service and Economic and Financial Crimes Commission. The former focuses on tax evasion, with the latter pertaining to money laundering and foreign exchange violations.

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