A Nigerian High Court has denied bail to a Binance executive, citing concerns that he might flee the country.
The executive, who recently turned 40, has been held by the Nigerian government since February. In response to his detainment, Binance’s chief compliance officer, Noah Perlman, stated that the charges against the executive are meritless and called for his release while discussions between Binance and Nigerian government officials continue.
The prosecutor’s lawyer opposed the bail application, highlighting that the executive had recently attempted to obtain a new passport under suspicious circumstances. The lawyer also argued that the executive has no substantial ties to any community in Nigeria and warned that granting bail could result in him fleeing.
The judge agreed with the prosecution, emphasizing the need to consider the nature and severity of the offense when deciding on bail.
Experts caution that the ongoing prosecution of Binance and its executives in Nigeria could hinder the growth of the emerging crypto industry. Adebayo Juwon, co-founder of Finna Protocol, expressed concern that the situation might deter Web3 companies from entering Nigeria, potentially impacting the country’s reputation for being hostile to new technologies. However, Oladotun Wilfred, CMO of Flincap, remains optimistic, believing that any reputational damage can be repaired and that the conflict will not impede crypto adoption in Nigeria.
Overall, the future of web3 in Nigeria is uncertain as the country grapples with the complexities of emerging technologies and their regulation.
