Nigeria’s Crypto Reputation Wins Despite Recent Troubles – Exchange exec

Nigeria's international reputation in cryptocurrency is at risk due to the recent government crackdown on local exchanges. However, Oladotun Wilfred Akanbe, the chief marketing officer of FlinkCap crypto exchange, believes the country can weather the storm.

In an interview with Cointelegraph, Akanbe expressed concern about Nigeria's image in the global crypto market following recent events. But he noted that Nigeria has overcome heavy setbacks in the past.

In February, the Nigerian government used the country's telecommunications providers to block local crypto users from using the websites of crypto exchanges such as Binance, OctaFX and others.

Authorities then accused Binance of illegally withdrawing $26 billion from the country and invited Binance to send representatives to discuss the matter.

Related: Nigeria's Binance Raid Threatens Web3 Industry

Binance executives Tigran Gambarian and Nadeem Anjarwala visited Nigeria in February to respond to allegations that the exchange used the country's fiat currency, the naira.

However, Binance execs were arrested and charged with five counts of money laundering after meeting with Nigerian authorities about Binance's regulatory issues. Anjarwala subsequently escaped from prison and was tracked to Kenya, where he could be extradited.

Akangbe pointed out that controversies are expected in the crypto sector in Nigeria, the country's growing crypto adoption. He described Nigeria's significant role as a cryptocurrency user and blockchain adopter worldwide and is optimistic about the future of crypto in the country.

“We predict that we are one of the largest users of cryptocurrency and blockchain in the world. It is normal for there to be some controversy in a place of great growth. The future remains bright for cryptocurrency in the country.”

Akangbe said the current sentiment on crypto in Nigeria is a mixture of enthusiasm and caution. While there is excitement around the potential of the crypto industry, concerns remain about regulations, cryptocurrency volatility, and the risks of scams and fraud.

Akangbe explained 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 dismay at the government's unfriendly attitude towards crypto to address the country's foreign exchange challenge.

Magazine: Bitcoin Hits New High, SEC Delays Options Decision, and Stable Coin Bill Hovers: Hodler's Digest, March 3–9