• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Sectors Legal & Regulations

Blockchain association, SiBAN, reacts to crypto dealers clampdown 

Nnaemeka Onyekachi by Nnaemeka Onyekachi
October 20, 2024
in Legal & Regulations, Sectors, Spotlight
Leadership crisis rocks Nigeria’s blockchain association, SiBAN, all executives expelled
Share on FacebookShare on TwitterShare on Linkedin

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.

RelatedStories

Bitcoin

Bitcoin soars past $121K, smashing records with no end in sight

July 14, 2025
Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro

Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro

July 12, 2025

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 Nigeria, it would have addressed all associated issues within the confines of regulations and legal application.

“There would not be any case of operating unlicensed or of being unauthorized to do certain things. 

“The truth is that blockchain technology is a novel innovation, and we cannot escape it,” he stressed.

He emphasized that it is crucial for Nigerian stakeholders to start understanding crypto transactions and blockchain early, and to establish frameworks that will help the country fully maximize the potentials inherent in blockchain.

He appreciated the Securities and Exchange Commission (SEC) for commencing the issuance of provisional licenses to some Nigerian companies in digital assets.

“We are expecting to see more of that,” he added.

He stressed that once the regulation currently being worked on is finalized, it will help legitimize the operations of some crypto players.

“What is the basis for ascertaining right and wrong? Proper definitions and regulatory guidelines for crypto operations are what the sector needs now.” 

Iwuno disclosed that SiBAN is working with regulators on guidelines, rules, and codes of conduct for special asset service providers and crypto traders, focusing on investor protection, consumer protection, and national security, among other issues.

“As much as crypto trading has benefits, it also has disadvantages. There are other uses it can have that go beyond the benefits we are currently experiencing.” 

“We need to consider those aspects and ensure that we maximize the benefits when they come,” he said.

He stated that the detailed guidelines stakeholders are expecting to be approved should include disciplinary measures so that when someone defaults, they will face those consequences.

He advised the government to avoid a situation where there is no proper regulatory definition of the blockchain industry, noting that it would be used as leverage to discipline supposed defaulters.

For Nigeria, he said the future of blockchain and crypto transactions is significant, requiring the government to urgently finalize its regulation.

Back Story 

Last week, the Federal High Court in Abuja was notified about a plea bargain agreement that Paparaxy Global Ventures Limited and Lemskin Technologies Limited entered into with the Economic and Financial Crimes Commission (EFCC).

  • Details of the agreement, exclusively seen by Nairametrics, indicate that the court should formally order the forfeiture of the N160 million refund to the federal government’s account at the next sitting, following the admission of contravention by the owners of the companies.
  • This development follows intelligence from the National Security Adviser, which alleged money laundering, foreign exchange contraventions, and terrorism financing activities involving certain cryptocurrency exchange platforms.

Nairametrics previously reported that Nigeria’s anti-graft agency, the EFCC, on September 4, 2024, secured an order from the Federal High Court to freeze N548.6 million in bank accounts belonging to suspected crypto users on platforms like ByBit, KuCoin, and others, based on their alleged role in Naira fluctuations.

What You Should Know 

SiBAN, founded in 2018, is the only professional body comprising stakeholders in the cryptocurrency space in Nigeria.

The association has been at the forefront of calls for the regulation of crypto in Nigeria to provide recognition for legitimate businesses in the space.

Through their advocacy, the government is beginning to pay attention to the crypto space, culminating in the recent approval-in-principle granted to two crypto exchanges, Quidax and Busha, by the Securities and Exchange Commission (SEC).


Follow us for Breaking News and Market Intelligence.
Tags: CryptocurrencyObinna IwunoSIBAN
Nnaemeka Onyekachi

Nnaemeka Onyekachi

My name is Nnaemeka Onyekachi, a writer, public speaker and an award winning journo with over 5,000 reports on a wide range of topics associated with the Nigerian society and the international community. Currently serving as a Senior Editorial Analyst at Nairametrics, my passion lies in delivering insightful financial,corporate, economic news and analysis on foreign relations, governance, judiciary and legislature.

Related Posts

Bitcoin
Cryptos

Bitcoin soars past $121K, smashing records with no end in sight

July 14, 2025
Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro
Digital Media

Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro

July 12, 2025
Bitcoin
Cryptos

Bitcoin surges to record $112K amid institutional demand 

July 10, 2025
Memecoins led the industry in Q2 2024 and total crypto market cap fell by 14% — Report
Cryptos

FATF raises alarm over rising illicit crypto use globally, urges stronger regulation  

June 26, 2025
SEC warns Nigerians against unregistered trading platform CMTrading 
Cryptos

SEC warns Nigerians against unregistered trading platform CMTrading 

June 21, 2025
Nigeria’s Justice System is Ruining Investment Confidence – Johnson Chukwu Shares His Story On Talknomics
Digital Media

Nigeria’s Justice System is Ruining Investment Confidence – Johnson Chukwu Shares His Story On Talknomics

June 14, 2025
Next Post
Meet 7 founders of animation companies in Nigeria’s growing creative industry 

Meet 7 founders of animation companies in Nigeria’s growing creative industry 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

first bank








DUNS

Recent News

  • FG introduces N10 million loan scheme for staff of universities, polytechnics, and colleges 
  • Lagos commences enforcement against indiscriminate parking on Monday, July 28
  • U.S. and EU seal trade deal, agree on 15% tariffs to avert escalating trade war 

Follow us on social media:

Recent News

FG inaugurates 25-member committee to establish Nigerian Education Data Initiative 

FG introduces N10 million loan scheme for staff of universities, polytechnics, and colleges 

July 27, 2025
Lagos commences enforcement against indiscriminate parking on Monday, July 28

Lagos commences enforcement against indiscriminate parking on Monday, July 28

July 27, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics