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Last updated on October 14th, 2022 at 10:44 am

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Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) just introduced SiBAN SCAM ALERT to regulate crypto scam in the space. 

Its not a new issue that while the industry is building to make the space safe for end users, cyber criminals on the other hand is trying cause harm.

This affects both the growing crypto and blockchain projects from the Nigerian space to the world.  

The cryptocurrency industry to some Nigerians is a dubious space used mostly by crypto scammers. The issue of crypto and cyber crime is synonymous to the growing youths of the country. 

SiBAN is looking into fighting the crypto scam activities to the least level open to its capacity. The end users of crypto and blockchain services must be protected against cyber crime to help create trust. 

Moreover, this results to preference on foreign products against indigenous ones hindering growth. This will help the space grow and encourage wider adoption of blockchain technology. 

As one of the ways to stop the crypto scam activities in our largely unregulated space, its introduces SiBAN SCAM ALERT. With this, anyone can report any crypto scam or suspicious activity to the organisation for further deliberation. 

The public is encouraged to report crypto scams in the space to the organisation directly. With this, crypto scam reports can be forwarded directly to SiBAN network. Same will be published with the scammer’s details in its crypto scam blacklist which will now be openly available on its website.

Moreover, the Chartered Institute of Bankers of Nigeria has suggested the issue of certification badge to payment gateways and merchants. In a bid to regulate the fintech, blockchain and other new tech space, the new certification will serve as an approval from the government.

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By Tony Chimdiuto

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