Nigeria’s Crypto Reputation to Prevail Amidst Setbacks: Exchange Chief

Nigeria’s image in the global cryptocurrency market is at risk as a result of recent government crackdowns on local exchanges. Despite this, Oladotun Wilfred Akangbe, the Chief Marketing Officer of Flincap crypto exchange, believes that Nigeria can overcome this situation. In an interview with , Akangbe expressed his concerns about Nigeria’s reputation in the international crypto market following these crackdowns. He also mentioned that Nigeria has faced more severe setbacks in the past.

In February, the Nigerian government blocked local crypto users from accessing the websites of various crypto exchanges, including Binance and OctaFX, through the country’s telecommunication providers. The authorities accused Binance of illegally moving $26 billion out of the country and invited its employees to discuss the issue. Binance executives Tigran Gambaryan and Nadeem Anjarwalla visited Nigeria for this purpose but were detained and charged with money laundering after their meeting with Nigerian officials. Anjarwalla subsequently escaped custody and was later found in Kenya, where he potentially faces extradition.

Akangbe pointed out that controversies in the Nigerian crypto sector are to be expected due to the country’s increasing crypto usage. He emphasized Nigeria’s significant role as both a cryptocurrency user and a blockchain adopter worldwide. Despite the challenges, he maintains an optimistic outlook for the future of cryptocurrency in the country, stating that Nigeria can change its image by highlighting its status as one of the biggest cryptocurrency users and blockchain adopters globally.

Akangbe noted that there is a mix of enthusiasm and caution regarding crypto in Nigeria. While there is excitement about the potential of cryptocurrencies, concerns remain about regulations, volatility, and the risks of scams and fraud. He clarified that these uncertainties stem from the ongoing back-and-forth between the Nigerian government and stakeholders in the crypto space. Local crypto analysts have expressed disappointment in the government’s unfriendly approach to crypto in addressing the nation’s foreign exchange challenges.