The protracted legal dispute between Nigerian authorities and the cryptocurrency exchange Binance is having a substantial influence on Nigeria’s blockchain business.

The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) has raised concerns regarding the adverse consequences of this dispute and called for a fair and equitable resolution.

The BICCoN consortium, consisting of prominent entities such as Blockchain Nigeria User Group (BNUG), Cryptography Development Initiative of Nigeria (CDIN), and Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), has emphasized the significant consequences for Nigeria’s national interest, the standing of its blockchain sector, and global collaborations.

The disagreement has resulted in a decrease in international investments and collaborations with Nigerian web3 companies, which are crucial for fostering innovation, generating employment opportunities, and promoting economic expansion.

Domestic investors and entrepreneurs are facing increasing difficulty in securing funding, which is impeding innovation and causing delays in potential ventures.

The committee emphasized the significance of global partnerships and financial contributions for the economy and blockchain industry of Nigeria.

BICCoN has requested that Nigerian authorities implement measures to mitigate the effects on the blockchain industry. They are requesting the government to participate in productive discussions to find a satisfactory solution and propose a combination of regulatory measures and growth-supporting initiatives.

Their suggestion was for authorities to actively participate in productive discussions, guarantee a just legal procedure, and establish a well-defined regulatory structure.

BICCoN cautions that improper handling of the Binance issue could potentially result in enduring adverse consequences for Nigeria’s blockchain industry. Any errors or mistakes could potentially decrease trust and investment in Nigeria’s blockchain and crypto industries.