Nigeria Web3 Industry Under Pressure Amid Binance Crackdown

Nigeria Web3 sector faces uncertainty as investors withdraw amid concerns over government crackdown on Binance.

Nigeria Web3 industry is experiencing a ripple effect from the crackdown on Binance, with investors wary of repercussions on local companies. The chairman of Nigeria Blockchain Industry Coordinating Committee (BICCoN), Lucky Uwakwe, voiced concerns over the perceived lack of safety for businesses and government hostility, citing the Binance case as evidence.

In an interview with Cointelegraph, Uwakwe highlighted investors’ fears of facing similar consequences as Binance when investing in local Web3 ventures. He noted a gradual divestment among already invested parties, attributing it to the government actions against Binance executives.

Following allegations of manipulating Nigeria fiat currency, Binance executives were detained and faced charges of money laundering. Uwakwe criticized the government approach, stating that it undermines the entire industry and sacrifices potential growth for short-term measures.

Regarding the trial outcome, Uwakwe expressed skepticism about an acquittal for the Binance executives, suggesting slim chances unless certain conditions are met internally. He emphasized the government potential disregard for a favorable court ruling, citing past instances.

Uwakwe addressed international queries about the Nigerian crypto community response, suggesting that earlier engagement with relevant associations could have garnered support from pressure groups.

Nigeria’s government has clashed with crypto exchanges before, prompting Binance to halt naira operations. Despite being a crypto hotspot, Nigeria’s regulatory stance remains uncertain, impacting investor confidence in the Web3 sector.

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