The Blockchain Industry Coordinating Committee of Nigeria (BICCON) warns that the detention of Binance executive Tigran Gambaryan is harming Nigeria's blockchain industry, citing a decline in foreign investments and jeopardised collaborations.
BICCON acknowledges the government's national security concerns but emphasises the need to de-escalate the situation to prevent further damage to the industry.
The organisation argues that fostering the blockchain sector can significantly contribute to Nigeria's economic and technological advancement.
It also highlights the importance of international partnerships, such as those with Elliptic, which help regulators combat crypto-related crimes.
BICCON urges Nigerian authorities to maintain and strengthen these collaborations to support the country's financial system and counter-terrorism efforts.
The statement includes seven recommendations for balancing national interests with industry growth and ensuring a fair resolution.