SiBAN, a registered self-regulatory body for blockchain in Nigeria, has introduced a decentralized monitoring service for scam activities enabling any member to report scams in the space.
SiBAN (Stakeholders in Blockchain Technology Association of Nigeria) is looking to improve the image of Nigerian blockchain and crypto projects to the world by protecting Nigerians from crypto scams.
In a statement, SiBAN said:
“While we many not be able to fight corruption in high or low places the same way the established institutions in Nigeria have been mandated to do, we can at least as a body within our own community have zero tolerance for scammers. Scammers in Nigeria’s blockchain and cryptocurrency space are killing adoption of this emerging technology. We at SiBAN intorduce SiBAN SCAM ALERT enabling the public report scams in our space directly to SiBAN.”
To report scams, email details of the scam to [email protected].
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Also Read: Ugandan Crypto Scam, DunamisCoin, Closes Shop After Defrauding Dozens of Investors
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The Nigerian crypto space is largely unregulated and having a self-regulatory service is expected to help reduce the number of scam activities within the country.
Nigeria is not the only African country facing a crypto scam problem. Most recently, the Velox 10 Global scam in Kenya and the DunamisCoin scam in Uganda have seen local investors lose millions.
We hope to see more self-regulatory initiatives like the above in the above and other jurisdictions as cryptocurrency adoption continues to gain ground across Africa.
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