The arrest and continued detention of Binance executive Tigran Gambaryan by Nigerian authorities have sparked concerns among blockchain and crypto associations in the country. The Blockchain Industry Coordinating Committee of Nigeria (BICCON) has warned that this move is not only harming the blockchain industry but also deterring foreign investments and valuable collaborations.

BICCON acknowledges the importance of national security, but also emphasizes the need to support the growth and development of the blockchain industry. The organization believes that a thriving blockchain industry can significantly contribute to Nigeria's economic and technological advancement. However, the current situation is already showing signs of decline, with reduced foreign investments and collaborations with Nigerian Web3 startups.

The partnerships between local regulators and international entities like Elliptic have been instrumental in enhancing the regulators' ability to combat crypto-related crimes. BICCON fears that the continued detention of Gambaryan may jeopardize these valuable collaborations and hinder the progress made so far.

The Nigerian government's crackdown on Binance and the detention of Gambaryan have sent a negative signal to the global blockchain and crypto community. BICCON urges the government to de-escalate the situation and find a resolution that balances national security concerns with the need to support the blockchain industry.

In conclusion, the detention of Tigran Gambaryan is not only a concern for Binance but also a threat to Nigeria's blockchain industry and economic progress. The government must find a way to address national security concerns while also supporting the growth of the blockchain industry. Failure to do so may result in the loss of valuable collaborations, reduced foreign investments, and a decline in Nigeria's economic and technological advancement.