The ongoing legal battle between Nigerian authorities and the crypto exchange Binance has significantly affected the country’s blockchain industry, prompting concerns from the Blockchain Industry Coordinating Committee of Nigeria (BICCoN).
BICCoN's Chairman, Lucky Uwakwe, highlighted the detrimental effects on national interest, the industry's reputation, and international collaborations.
The detention of Binance executives and the legal proceedings have caused a noticeable decline in foreign investments and partnerships with Nigerian web3 startups, hindering innovation and economic growth.
Domestic investors and entrepreneurs face increased challenges in raising capital, stifling progress on promising projects.
BICCoN urged Nigerian authorities to engage in constructive dialogue and balance regulatory measures to foster industry growth.
They emphasised the importance of transparency, due process, and a clear regulatory framework to rebuild trust and maintain Nigeria's credibility as a reliable partner for international businesses and investors.