The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) has notified authorities about the developing legal problems between Bitcoin Binance and the Nigerian government, influencing possible consequences for Nigeria’s blockchain sector and international reputation.
Speaking for Nigeria’s blockchain industry, BICCoN stressed the urgent necessity of a fair and open solution to ongoing problems. The committee also stressed the importance of a reasonable approach to encouraging confidence and collaboration among local and international parties.
Concerned about the protracted legal battles and detention of Binance executives, BICCoN President Lucky Uwakhe expressed concerns about possible uncertainty and risk coming from these events, therefore discouraging possible investors and partners. Uwakwe confirmed the will of BICCoN to solve these problems and provide a blockchain appropriate for Nigerian innovation and expansion.
Local stakeholders have often demanded fair administration of the digital assets market in Nigeria, stressing the need for well-defined laws and, therefore, raising investor confidence.
Nigerian Government Urged To Manage Disputes
In their statement, BICCoN requested the Nigerian government to manage legal disputes actively. The committee stressed that these operations depend on solving current issues and promoting long-term industry development and innovation.
Moreover, BICCoN stressed the need for the government to reassure local and international players of its commitment to a just result.
Recently visiting Kuje Prison in Nigeria, where Binance executive Tigran Gambaryan is imprisoned, US Congressmen French Hill and Chrissy Houlahan Pointed to health problems, including malaria and double pneumonia, spurred on by poor medical attention, Hill raised extreme concerns about the Gambaryan jail conditions.
This visit followed a June 14 court ruling clearing Gambaryan and Anjarwalla of initially filed tax evasion charges first issued by Nigeria’s Federal Inland Revenue Service ( FIRS) in March 2024. Among the claims was non-paying taxes on billions of naira worth of bitcoin transactions.
According to Binance CEO Richard Teng, a Nigerian government official pushed crypto aficionados into a confidential settlement agreement under allegedly $150 million bribe pressure. Nigeria refuted these accusations as diversionary tactics meant to deflect attention from Binance’s alleged transgression.
Though the emerging narrative between Binance and Nigerian officials is now under international attention, the country’s character is characterized by the delicate mix of regulatory control and generating an environment suited for blockchain innovation.
