The Blockchain Industry Coordinating Committee of Nigeria has expressed concerns about the ongoing dispute between Nigeria and Binance Limited, emphasizing the potential negative impact on investor confidence and the country’s international reputation.
In a statement obtained by The PUNCH, BICCoN called for a transparent solution to the dispute that promotes trust and collaboration with all stakeholders, including international partners.
BICCoN President, Lucky Uwakwe, advocated a balanced approach to resolving the issue, considering its implications for Nigeria’s blockchain industry and international standing.
He stated that the ongoing legal dispute, which led to the detention of a Binance executive, had created an atmosphere of fear and uncertainty in the industry, which could deter potential investors from committing to the Nigerian market.
“BICCoN believes that the Nigerian government should address issues proactively. 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.
The committee urged the Nigerian government to address the issues proactively and resolve the current legal challenges fairly and transparently.
“By taking steps to resolve the current legal challenges fairly and transparently, the government can restore confidence among investors and the international community,” he noted.
Uwakwe added that this approach would not only help resolve the ongoing legal disputes but also pave the way for long-term growth in the blockchain sector.
“Clear communication and ongoing dialogue with industry players, investors, and international partners are essential,” he emphasised.
The Federal Government has faced pressure from the US over the continued detention of Tigran Gambaryan, a Binance executive, in Kuje Prison.
The PUNCH reported that 16 lawmakers had written to President Joe Biden, urging him to intervene and secure the release of the U.S. citizen.
Last week, U.S. lawmakers French Hill and Chrissy Houlahan visited Kuje Prison, where they claimed to have found Gambaryan suffering from poor conditions and being denied adequate medical attention.
The lawmakers highlighted these issues, calling for immediate improvements.
On June 14, an Abuja High Court cleared Gambaryan and Nardeem Anjarwalla of tax evasion charges.
In March, the Chief Executive Officer of Binance, Richard Teng, described the detention of its employee, Gambaryan, by the Nigerian government as ‘unjust’ and that it was a “dangerous precedent” for international businesses.
Teng also said that despite Binance’s repeated efforts at constructive engagement and cooperation with Nigerian authorities, Gambaryan remains in detention for ‘spurious’ reasons.
Binance CEO, in a statement to The PUNCH on Tuesday, said, “To invite a company’s mid-level employees for collaborative policy meetings, only to detain them, has set a dangerous new precedent for all companies worldwide.”
He added, “The message from the Nigerian government is clear: we must detain an innocent, mid-level employee, a former U.S. federal agent, and place him in a dangerous prison to control Binance.”
The Nigerian government blamed Binance for the naira depreciation, accusing it of fixing exchange rate prices on its platform, the biggest crypto exchange globally.
The Economic and Financial Crimes Commission accused Binance, Gambaryan, and his fleeing colleague, Anjarwalla of concealing the source of the $35.4bn generated as revenue by Binance in Nigeria, knowing that the funds constituted proceeds of unlawful activity.
https://punchng.com/blockchain-professionals-fear-binance-dispute-may-undermine-investor-confidence/
