The global reputation of Nigeria in cryptocurrency is in potential jeopardy because of the recent crackdowns by the Nigerian government on local exchanges.
However, the Chief Marketing Officer of the Flincap crypto exchange Oladotun Wilfred Akangbe thinks Nigeria can weather the storm.
Concerns were expressed by Oladotun in a interview about the image of the country in the global crypto industry following recent events. However, according to him, the country has overcome more severe setbacks in the past.
The country's telecommunication providers were used by the Nigerian government to prevent local cryptocurrency users from accessing the websites of different cryptocurrency exchanges like Binance and others.
After that, authorities charged Binance of moving $26 billion out of the nation illegally and asked Binance to send representatives to address the matter.
Tigran Gambaryan and Nadeem Anjarwall, executives of Binance visited Nigeria in February in response to allegations that the country's fiat currency naira was manipulated by Binance.
However, the Binance execs were detained and charged with five counts related laundering of money after meeting with the country's officials about the regulatory issues of the exchange.
After then, Anjarwalla broke out of police custody and was found in Kenya, where he is being sought for extradition.
Given Nigeria's growing crypto adoption, controversies in the country's crypto industry are to be expected, Akangbe pointed out.
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