Nigeria’s crypto reputation will prevail despite recent setbacks — Exchange exec

    2024.04.18 | exchangesranking | 96onlookers

    Nigeria’s global reputation in cryptocurrency is in potential jeopardy due to recent government crackdowns on local exchanges. However, Oladotun Wilfred Akangbe, the chief marketing officer of the Flincap crypto exchange, believes the country can weather the storm.

    In an interview with Cointelegraph, Akangbe expressed concerns about Nigeria’s image in the international crypto market following recent events. However, he stated that Nigeria has overcome more severe setbacks in the past.

    In February, the Nigerian government used the country’s telecommunication providers to prevent local crypto users from accessing the websites of various crypto exchanges like Binance, OctaFX and others.

    Authorities then accused Binance of illegally moving $26 billion out of the country and invited Binance to send representatives to discuss the issue.

    Related: Nigeria’s Binance crackdown threatens Web3 industry

    Binance executives Tigran Gambaryan and Nadeem Anjarwalla visited Nigeria in February in response to allegations that the exchange manipulated the country’s fiat currency, the naira. 

    However, the Binance execs were detained and charged with five counts related to money laundering after meeting with Nigerian officials about Binance’s regulatory issues. Anjarwalla subsequently escaped custody and was tracked down to Kenya, where he faces extradition.

    Akangbe pointed out that controversies in Nigeria’s crypto sector are to be expected, given the country’s growing crypto adoption. He highlighted Nigeria’s significant role as a cryptocurrency user and blockchain adopter worldwide and remains optimistic about the future of crypto in the country:

    “We can turn it around by projecting the fact that we are one of the biggest users of cryptocurrency and adopters of blockchain across the globe. It is normal to have a few controversies in a place where there is so much massive growth. The future remains bright for cryptocurrency in the country.”

    Akangbe said the current sentiment in Nigeria toward crypto is a mix of enthusiasm and caution. While there is excitement around the crypto industry’s potential, concerns linger about regulations, cryptocurrency volatility, and the risks of scams and fraud. 

    Akangbe clarified that the uncertainties are due to the back and forth between the Nigerian government and stakeholders in the crypto space. Local crypto analysts have expressed disappointment with the government’s unfriendly attitude toward crypto in resolving the nation’s foreign exchange challenge.

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