BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Nigerian Blockchain Leader Hails SEC’s Approval of Crypto Exchanges as a Win for Regulatory Clarity

by Dan K
Sep 1, 2024 - 3:10 pm
in Blockchain
Obinna Iwuno, president of SIBAN, discussing regulatory clarity in Nigerian crypto industry

The SEC Move Brings Clarity of Regulations to the Nigerian Crypto Market. The Securities and Exchange Commission of Nigeria has given recent approval to two digital asset exchanges. Obinna Iwuno, who leads the Stakeholders in Blockchain Technology Association of Nigeria-SIBAN-led applause for the development, saying it would clean up the image of the cryptocurrency space of the country that had been tainted with a gray area as pertains to regulations and negative perceptions by citizens.

The SEC’s move, according to Iwuno, provides the much-needed clarity from a regulatory standpoint. This might help temper the growingly negative sentiment concerning the Nigerian crypto industry after this year’s detention of Binance executives. Clear regulations, according to Iwuno, will definitely open ways for more foreign investments into the Nigerian crypto market and create room for Nigerian entrepreneurs to thrive.

Challenges Faced by the Nigerian Crypto Industry

The industry in Nigeria has really had to face some very serious challenges, especially in the last months. This is because several reports have shown that the Nigerian government has cracked down on cryptocurrency exchanges over their perceived contribution to the depreciation of the local currency. This makes several global exchanges scale back or completely withdraw from the country’s market.

It’s none other than Binance, one of the largest cryptocurrency exchanges in the world, which the Nigerian government has bombarded with accusations of money laundering. If that’s not enough, add to the plot the recent detention of a Binance employee, Tigran Gambaryan, where allegations surfaced that some Nigerian officials attempted to extort money from him.

SIBAN Leader Appeals for Judicial and Regulatory Justice

Despite the troubles that this has caused, Iwuno does not look at this as some sort of a setback but rather as a move in the right direction by the SEC. Once the licensing regime is clear, he says, foreign investors will set up operations legally in Nigeria, something which he says is of essence to Nigerian startups that have overtime struggled to raise funds due to the absence of clear-cut regulations.

Iwuno said this was likely to change as the SEC went on to approve and process other license applications, hence eliminating the problems. To this effect, most Nigerian entrepreneurs prefer to register their businesses in jurisdictions whose regulations are clear, in order for them to attract foreign investment, which leads to the loss of value from Nigeria.

The Rule of Law Must Be Upheld in the Crypto Industry

In the wake of the development concerning the detention of Tigran Gambaryan, Iwuno called on Nigerian officials to respect the rule of law and best international practices as far as human rights are concerned. He said Nigeria, being one of the major players in Africa in terms of cryptocurrency trading activities, should spearhead the call for regulation in the form of licensing.

Iwuno emphasized that clarity of regulation is important for a healthy and vibrant crypto market; this is a sign of hope, based on the latest actions of the SEC, for an ever-better future for the crypto industry in Nigeria. It is likely to keep on growing, gaining more and more attention around the world, and helping not only local entrepreneurs but also the overall economy.

Tags: BlockchainRegulationWeb3
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Exterior view of the Czech National Bank building in Prague, symbolizing the institution’s financial strategies and innovation.

Bank of England Governor Says Stablecoins Could Reduce Reliance on Banks

October 1, 2025

Andrew Bailey says stablecoins could reduce UK reliance on commercial banks by separating money from credit, signaling a...

blockchain

Spacecoin Executes First Blockchain Transaction Through Space

October 1, 2025

Spacecoin has achieved the first-ever blockchain transaction through space using a nanosatellite, marking a milestone for decentralization and...

The headquarters of the Autorité des Marchés Financiers (AMF) Investor in Paris, France, the regulatory body warning investors against ByBit.

French Officials Pressured Telegram to Censor Moldova Election Posts: Durov

September 28, 2025

Pavel Durov revealed French intelligence pressured Telegram to censor Moldova election content in 2024, which he refused, citing...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Bitcoin skepticism fades as nations gear up for adoption, says Samson Mow

September 28, 2025

Samson Mow predicts nation-states will move from skepticism to rapid Bitcoin adoption, fueling global FOMO and a rush...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service