The Blockchain Association of Nigeria, SiBAN,has called on the federal government to revisit the ban on cryptocurrency activities in Nigeria. The group said the need to critically look at the decision again becomes imperative considering that many people feel the decision was more out of fear than a proactive industry regulatory attempt. The association said that even among government circles, many people are of the opinion that the most sensible approach to the market is a robust regulation since it is impossible to enforce a total ban.
They also have to agree to provide complete and accurate information when opening a Binance account and agree to timely update any information they provide to Binance to maintain the integrity and accuracy of the information. BuyCoins also said it has been proactive about setting up KYC and AML frameworks to limit the extent to which its users can perpetrate fraud. Prior to trading on the platform, they are required to undergo an effective yet user-friendly verification process involving the submission of their Bank Verification Number (BVN), phone numbers, and other legitimate forms of identification The use of BVN and other forms of ID shows an alignment between crypto exchanges and the Central Bank of Nigeria when it comes to the safe and ethical movement of money. The initiative that Nigerian crypto exchanges have taken to ensure that users are trading safely and in compliance with general anti-money laundering policies indicates a clear readiness to cooperate with national regulators. On their part, Ihenyen said SiBAN, as well as other blockchain associations, have from time to time engaged operators to ensure they are compliant with the best practices. In 2020, the Blockchain Industry Coordinating Committee of Nigeria (BiCCoN) working together with authorities set a task force to police crypto scams in the country. Ihenyen says the measures already put in place could be the best place to start regulating the industry instead of a ban. A ban, experts say, would potentially expose customers to poorly regulated investment products in other jurisdictions, which could lead to fewer avenues for recourse and less protection for consumers.
By Prince Osuagwu