{"id":18644,"date":"2024-04-14T13:06:35","date_gmt":"2024-04-14T17:06:35","guid":{"rendered":"http:\/\/leadingcryptonews.com\/nigerias-binance-crackdown-threatens-web3-industry\/"},"modified":"2024-04-14T13:06:35","modified_gmt":"2024-04-14T17:06:35","slug":"nigerias-binance-crackdown-threatens-web3-industry","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/nigerias-binance-crackdown-threatens-web3-industry\/","title":{"rendered":"Nigeria\u2019s Binance crackdown threatens Web3 industry"},"content":{"rendered":"<p> <br \/>\n<br \/><noscript><img decoding=\"async\" class=\"lazyload\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMDQvOWUyY2VhYzEtYzEwNS00ODI1LTllYTMtMDUwODhiODE4OTI4LmpwZw==.jpg\" \/><\/noscript><\/p>\n<div data-v-1205f261=\"\">\n<p>Nigeria is feeling the consequences of actions against Binance executives, with investors withdrawing from deals and partnerships, particularly in the web3 sector. They mention Nigeria\u2019s perceived lack of safety for business and government hostility, citing the Binance case as evidence, according to Lucky Uwakwe, the chairman of Nigeria's Blockchain Industry Coordinating Committee (BICCoN).<\/p>\n<p>In an interview with Cointelegraph, Uwakwe, head of Nigeria\u2019s intercommunity working group involving Blockchain Nigeria User Group (BNUG), Cryptography Development Initiative of Nigeria (CDIN), and Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), expressed investors\u2019 concerns. <\/p>\n<p>According to Uwakwe, investors worry about potential repercussions similar to Binance\u2019s fate when investing in local Web3 companies. He pointed out that already invested parties are gradually divesting.<\/p>\n<p>Binance executives Tigran Gambaryan and Nadeem Anjarwalla came to Nigeria in February following claims that the exchange manipulated the country\u2019s fiat currency, the naira. The executives were detained and slammed with five counts bordering on money laundering after a meeting with the Nigerian government over Binance\u2019s regulatory woes. <\/p>\n<p>Uwakwe stated that the government\u2019s approach to the Binance issue is adversely impacting the entire nation. By pursuing fines against Binance, the government is essentially undermining the entire industry, sacrificing potential growth for short-term measures.<\/p>\n<p>When asked about the possibility of the current trial resulting in an acquittal for the Binance executives, Uwakwe expressed skepticism. He believes the executives face slim chances of acquittal unless certain conditions are met internally by the company, according to the government\u2019s perspective. He said,<\/p>\n<blockquote><p>\u201cThe chances are probably 90-10, 90 for the government,10 for the Binance executives in question\u2026\u201d<\/p><\/blockquote>\n<p>Uwakwe emphasized that even in the event of the Binance executive\u2019s acquittal by the judge, there\u2019s a strong possibility that the Nigerian government may disregard the court ruling. This pattern has been observed before, especially in cases perceived to threaten the country\u2019s stability.<\/p>\n<p><strong>Related: <\/strong><strong>Binance executive tracked to Kenya, extradition underway<\/strong><\/p>\n<p>Uwakwe addressed a potential question from the international community about why the Nigerian crypto community isn\u2019t vigorously advocating for the release of the Binance executives. He suggested that if Binance had engaged relevant associations earlier, they would have garnered support from pressure groups and lobbying efforts.<\/p>\n<p>The Nigerian government has often been at odds with cryptocurrency exchanges. Binance ceased operations using the naira on March 8 after Nigerian government criticism of crypto exchanges singled it out in February. <\/p>\n<p>In August 2022, Nigeria was named the most crypto-obsessed country in the world by the number of Google searches for \u201ccryptocurrency\u201d or \u201cbuy crypto.\u201d<\/p>\n<p><strong>Magazine: <\/strong><strong>Bitcoin hits new highs, SEC delays options decision, and stablecoin bill looms: Hodler\u2019s Digest, March 3\u20139<\/strong><\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/nigeria-binance-crackdown-threatens-web3-industry\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria is feeling the consequences of actions against Binance executives, with investors withdrawing from deals and partnerships, particularly in the web3 sector. They mention Nigeria\u2019s perceived lack of safety for business and government hostility, citing the Binance case as evidence, according to Lucky Uwakwe, the chairman of Nigeria&#8217;s Blockchain Industry Coordinating Committee (BICCoN). In an [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-18644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.6 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nigeria\u2019s Binance crackdown threatens Web3 industry - Leading Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadingcryptonews.com\/nigerias-binance-crackdown-threatens-web3-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria\u2019s Binance crackdown threatens Web3 industry\" \/>\n<meta property=\"og:description\" content=\"Nigeria is feeling the consequences of actions against Binance executives, with investors withdrawing from deals and partnerships, particularly in the web3 sector. They mention Nigeria\u2019s perceived lack of safety for business and government hostility, citing the Binance case as evidence, according to Lucky Uwakwe, the chairman of Nigeria&#039;s Blockchain Industry Coordinating Committee (BICCoN). In an [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/leadingcryptonews.com\/nigerias-binance-crackdown-threatens-web3-industry\/\" \/>\n<meta property=\"og:site_name\" content=\"Leading Crypto News\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-14T17:06:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/leadingcryptonews.com\/wp-content\/uploads\/2024\/04\/Nigerias-Binance-crackdown-threatens-Web3-industry.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"799\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"LCN-Admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"LCN-Admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/leadingcryptonews.com\/nigerias-binance-crackdown-threatens-web3-industry\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/leadingcryptonews.com\/nigerias-binance-crackdown-threatens-web3-industry\/\"},\"author\":{\"name\":\"LCN-Admin\",\"@id\":\"https:\/\/leadingcryptonews.com\/#\/schema\/person\/a303f33566761f963a7c3c0cde394e30\"},\"headline\":\"Nigeria\u2019s Binance crackdown threatens Web3 industry\",\"datePublished\":\"2024-04-14T17:06:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/leadingcryptonews.com\/nigerias-binance-crackdown-threatens-web3-industry\/\"},\"wordCount\":450,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/leadingcryptonews.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/leadingcryptonews.com\/nigerias-binance-crackdown-threatens-web3-industry\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/leadingcryptonews.com\/wp-content\/uploads\/2024\/04\/Nigerias-Binance-crackdown-threatens-Web3-industry.jpg\",\"articleSection\":[\"Regulation\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/leadingcryptonews.com\/nigerias-binance-crackdown-threatens-web3-industry\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/leadingcryptonews.com\/nigerias-binance-crackdown-threatens-web3-industry\/\",\"url\":\"https:\/\/leadingcryptonews.com\/nigerias-binance-crackdown-threatens-web3-industry\/\",\"name\":\"Nigeria\u2019s Binance crackdown threatens Web3 industry - Leading Crypto News\",\"isPartOf\":{\"@id\":\"https:\/\/leadingcryptonews.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/leadingcryptonews.com\/nigerias-binance-crackdown-threatens-web3-industry\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/leadingcryptonews.com\/nigerias-binance-crackdown-threatens-web3-industry\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/leadingcryptonews.com\/wp-content\/uploads\/2024\/04\/Nigerias-Binance-crackdown-threatens-Web3-industry.jpg\",\"datePublished\":\"2024-04-14T17:06:35+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/leadingcryptonews.com\/nigerias-binance-crackdown-threatens-web3-industry\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/leadingcryptonews.com\/nigerias-binance-crackdown-threatens-web3-industry\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/leadingcryptonews.com\/nigerias-binance-crackdown-threatens-web3-industry\/#primaryimage\",\"url\":\"https:\/\/leadingcryptonews.com\/wp-content\/uploads\/2024\/04\/Nigerias-Binance-crackdown-threatens-Web3-industry.jpg\",\"contentUrl\":\"https:\/\/leadingcryptonews.com\/wp-content\/uploads\/2024\/04\/Nigerias-Binance-crackdown-threatens-Web3-industry.jpg\",\"width\":1200,\"height\":799,\"caption\":\"Nigeria\u2019s Binance crackdown threatens Web3 industry\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/leadingcryptonews.com\/nigerias-binance-crackdown-threatens-web3-industry\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/leadingcryptonews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Nigeria\u2019s Binance crackdown threatens Web3 industry\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/leadingcryptonews.com\/#website\",\"url\":\"https:\/\/leadingcryptonews.com\/\",\"name\":\"DarkCrypto\",\"description\":\"Latest Bitcoin &amp; 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