Stakeholders of the Blockchain Association of Nigeria (SiBAN), an organization that advocates for the recognition and regulation of cryptocurrencies, say recent turmoil within the association is due to some suspected creators of meme coins and other fraudulent crypto schemes. blamed it on.
Mr. Obinna Iuno, president of the association, and Mr. Barr, director of the association. Mela Claude Eyck said this in a statement released on Monday.
The statement came against the backdrop of the organization’s recent announcement that its executive department had been disbanded.
SiBAN described the group as “faceless” and added that the announcement is “just a distraction for the group and is counterproductive to the sustainability of Nigeria’s digital currency space.”
“This also comes as SiBAN works to dismantle the creation and spread of meme coins, the operation of unregistered, unlicensed and unregulated crypto hedge funds, and some of the other fraudulent activities in which Nigerians have suffered losses. “It is a feeble attempt to counter the reforms being undertaken, leaving millions of naira unchecked,” the statement read in part.
shadow management
The association also accused anonymous groups of trying to create a shadow administration within the organization with the aim of facilitating fraudulent activities.
The group condemned the alleged initiative, stressing that no legitimate organization can function in such a manner under Nigerian law. SiBAN ignored the issue, stating that there is no crisis in the association, adding that it will continue to address fraud within the blockchain industry. Strengthen the regulatory framework and promote transparency to create a safe environment for investors and businesses. Last month, the association’s purported “board of directors” issued a public notice stating that the SiBAN president and all association executives had been expelled.
The president was accused of abusing his position by making unauthorized decisions. He was also accused of “insubordination and lack of cooperation” and of using the SiBAN brand to form a rival organization. However, Iwano denied all allegations in a telephone conversation with Nairametrics, saying that the so-called board of directors wants to take over the association. Iwano, who was elected by the association’s members in 2022, said the so-called board of directors appointed him with the purpose of taking over the association. According to him, most of them are not registered as members of the association.
“They belong to SiBAN because they are part of a WhatsApp group from the beginning. Later, SiBAN changed to registered membership and now they pay a membership fee to become a member, but to this day they They never paid their dues. Therefore, their names are not on the SiBAN database,” Iuno told Nairametrics.
What you need to know Established in 2018, SIBAN is the only professional association comprised of stakeholders in the cryptocurrency sector in Nigeria.
The association has been at the forefront of pushing for regulations to allow legitimate business in the crypto space in Nigeria. Through their advocacy, governments have started paying attention to the virtual currency space, and its development has reached a recent climax. The Securities and Exchange Commission (SEC) has granted in-principle approval to two crypto exchanges: Quidax and Busha. Follow us for breaking news and market intelligence.
