The group advocating for cryptocurrency recognition and regulation, the Stakeholders in Blockchain Association of Nigeria (SiBAN), has advised the federal government on its ongoing clampdown on alleged unauthorized Nigerian crypto dealers.
The President of the Association, Obinna Iwuno, shared his views with Nairametrics in an exclusive interview.
His response follows a Nairametrics report stating that on October 14, 2024, two Nigerian crypto-dealing companies refunded N160,000,000 to the federal government after being indicted for allegedly conducting business as financial institutions without a valid banking license, including USDT to Naira transactions.
Need for Crypto Regulatory Clarity
When asked about his views regarding the latest restitution made by these Nigerian companies, he noted that the key issue with this development “is the lack of regulatory clarity.”
He explained that if there had been a regulatory framework detailing the rights and wrongs of crypto dealings in…