Stakeholders of the Blockchain Technology Association of Nigeria have reaffirmed the stability of their leadership while highlighting their commitment to strengthening regulatory oversight within the blockchain ecosystem.
This was stated in a press release issued by SiBAN on Sunday.
SiBAN also denied reports that its president, Obinna Iuno, had been expelled, calling the allegations baseless and misleading.
This clarification was issued in response to accusations by Nigeria’s Blockchain Industry Coordination Board that Mr. Iwano had been suspended from his position as president of SiBAN.
BICCoN accused Iwano and his associates of unethical conduct, including the unauthorized incorporation of “SiBAN’s Registered Trustee,” an entity that BICCoN describes as SiBAN’s fraudulent organization.
BICCoN is comprised of three major blockchain organizations in Nigeria: Blockchain Nigeria User Group, Nigeria Crypto Development Initiative, and SiBAN. The committee was established on January 13, 2021 during a stakeholder engagement aimed at addressing the growing problem of crypto fraud in Nigeria.
BICCoN, which counts SiBAN as a key member of its organization, said: “We strongly oppose the recent unethical acts by Obinna Iuno and his accomplices.”
In its rebuttal, SiBAN denied these claims and maintained that no suspension occurred.
The association described these claims as the work of a “faceless group” seeking to thwart its efforts to regulate and promote transparency within the blockchain industry.
“There is no crisis within SiBAN. Our Chairman, Executive Council and Board of Directors continue to operate the association smoothly, working with key stakeholders in the digital currency ecosystem,” the statement said. It is written in part.
SiBAN further accused the group behind the expulsion claims of trying to establish an illegitimate regime that would enable illicit activities within the industry.
The association highlighted its commitment to address widespread fraud, unauthorized operations and other issues negatively impacting the blockchain space in Nigeria.
“These actions are not only a distraction, but also an impediment to our efforts to eliminate fraudulent practices such as the creation of unregulated cryptocurrency hedge funds and meme coins that have cost Nigerians millions of dollars. It is also an attempt to resist the ongoing reforms,” SiBAN pointed out.
The association pledged to remain committed to efforts that promote transparency, regulatory compliance, and the development of a secure blockchain environment for businesses and investors.
SiBAN also called on the public to be cautious when engaging with groups that spread these false claims, warning that interacting with them could pose serious risks.
He called on those with legitimate concerns to seek redress through appropriate legal channels.
