Nigeria Faces Investor Exodus Amid Binance Executives’ Case

Nigeria is witnessing a fallout from actions taken against Binance executives, leading to investor retreats from deals, especially in the Web3 sector.

Lucky Uwakwe, chairman of Nigeria’s Blockchain Industry Coordinating Committee (BICCoN), voiced concerns over Nigeria’s perceived business insecurity and government hostility, pointing to the Binance case as an example.

In an interview with Cointelegraph, Uwakwe, who leads a coalition involving Blockchain Nigeria User Group (BNUG), Cryptography Development Initiative of Nigeria (CDIN), and Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), shared investors’ worries.

According to Uwakwe, investors fear facing consequences similar to Binance’s situation when investing in local Web3 companies, prompting gradual divestment among existing investors.

Binance executives Tigran Gambaryan and Nadeem Anjarwalla visited Nigeria in February amid allegations of manipulating the country’s fiat currency, the naira. They were detained and charged with five counts related to money laundering after a meeting with the Nigerian government.

Uwakwe believes the government’s handling of the Binance case is hurting the nation as a whole, undermining industry growth for short-term measures.

Regarding the ongoing trial, Uwakwe doubts the executives’ acquittal chances unless internal conditions are met by the company. Even if acquitted, he sees the government potentially disregarding the ruling, especially in cases affecting stability.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.