A prominent figure in Nigeria’s blockchain industry has hailed the recent approval of two digital asset exchanges by the country’s Securities and Exchange Commission (SEC) as a significant milestone. According to Obinna Iwuno, the president of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), this move provides much-needed regulatory clarity, which could enhance the reputation of Nigeria’s crypto sector and attract foreign investment.
Iwuno highlighted that the approval of these exchanges helps counter the negative image that has plagued Nigeria’s crypto space, particularly after the detention of a Binance employee and the crackdown on crypto exchanges earlier this year. Nigerian authorities had accused some exchanges of contributing to the depreciation of the local currency, leading several global exchanges to reduce their operations or exit the market entirely. Binance, one of the most affected, faces money laundering charges, and its employee, Tigran Gambaryan, remains detained.
The SIBAN president stressed that clear regulations are crucial for foreign investors who wish to enter the Nigerian market legally. The absence of such regulations has previously forced Nigerian entrepreneurs to register their companies in foreign jurisdictions, resulting in a loss of value for the country.
Iwuno also called for a swift resolution of the legal issues surrounding Gambaryan, urging Nigerian authorities to adhere to the rule of law and respect global standards of practice and human rights. He emphasized that Nigeria, as a major player in Africa’s cryptocurrency trading landscape, should have been at the forefront of regulating and licensing crypto activities.
The approval of these exchanges by the SEC under the leadership of Director General Lamido Yuguda is seen as a positive step toward creating a more transparent and investor-friendly environment in Nigeria’s crypto market.
Disclaimer: The information provided on CoinsLately is for informational and educational purposes only. CoinsLately does not provide investment, financial, or legal advice. The content on this site represents the opinions and views of the authors and should not be considered as professional financial advice.
Cryptocurrency investments are highly speculative and involve substantial risk. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. CoinsLately and its authors are not responsible for any financial losses or damages incurred as a result of the information provided on this site.
