Bright Enabulele, the creator of Oduwacoin, which is the first pan-African cryptocurrency, has reacted to the call by Bureaux De Change (BDC) operators for the Federal Government (FG) to ban Binance in Nigeria.

Recall that last week, the Association of Bureaux De Change Operators of Nigeria (ABCON) called on FG to ban the operations of Binance in the country, citing the pressure the crypto exchange mount on foreign exchange (forex) as its reason.

ABCON’s President, Alhaji Aminu Gwadebe, who said that Binance trading is becoming the anchorage of the Investor and Exporters window and the parallel market, noted that the exchange is the most liquid market with 1.2 million transactions per second.

“If you know about Binance, you will know that Binance trading is becoming the anchorage of both the investors and exporters window and the parallel market, which is unfortunate.

“So, we have to do something that can stop Binance. It’s a competition; we need to ban Binance,” Gwadebe stated.

Reacting to the call, Enabulele said he would rather suggest that the Nigerian government regulate Binance.

According to him, if at all Binance would be banned, it should be on the basis of irregularities and non-compliance.

“Considering the role that Binance and other cryptocurrency exchanges play in facilitating global financial transactions and fostering technological innovation, a ban might not be the most prudent course of action. Instead, it would be more judicious to address any irregularities, non-compliance, and non-payment of taxes on a case-by-case basis,” Enabulele wrote via his Twitter handle.

“By imposing strict regulations and closely monitoring exchanges like Binance, the Nigerian government can ensure that they operate within legal frameworks and contribute to the nation’s economy through tax revenues. BDC operators, who have a deep understanding of the market, can provide valuable insights and recommendations for achieving a more transparent and compliant cryptocurrency ecosystem.

“Rather than outright prohibition, a collaborative approach between the government, regulatory bodies, and industry stakeholders can lead to a more effective and balanced solution. This would allow for the continuation of the benefits associated with cryptocurrency trading while addressing any potential concerns or violations. Binance, as a major player in the industry, should be encouraged to cooperate and rectify any issues to contribute positively to Nigeria’s economic growth.”