Stakeholders in Nigeria’s cryptocurrency sector have urged the federal government to consider India’s model for addressing crypto regulation challenges. This comes after India successfully resolved its dispute with Binance, a major cryptocurrency exchange, over allegations of violating operating rules.
India’s Financial Intelligence Unit (FIU) imposed a $2.25 million fine on Binance and required the exchange to register as a reporting entity, allowing it to resume normal operations. Tech experts and crypto trading professionals in Nigeria believe this approach offers a mature and profitable way of handling similar issues in the country.
Currently, Binance is facing legal challenges in Nigeria, including charges of money laundering and tax evasion, leading to the arrest and detention of one of its executives, Tigran Gambaryan. At a recent event in Lagos, crypto trader Mark Nduagibe advocated for Nigeria to follow India’s example, emphasizing that crypto is a legitimate technological trading system, not a fraudulent scheme.
Nduagibe pointed out that India’s resolution with Binance marks a significant milestone in global crypto regulation, contrasting sharply with Nigeria’s more aggressive and punitive approach. Another trader, Joshua Michael, echoed this sentiment, highlighting the importance of fair regulatory practices that encourage innovation and growth while respecting individual rights.
They believe that adopting India’s balanced approach could help Nigeria create a thriving and sustainable crypto ecosystem.
