The President of Stakeholders in Blockchain Association of Nigeria (SiBAN) Paul Ezeafulukwe has advised its members to be “wary of any person or persons trying to sell bitcoin(BTC) or Cryptocurrency without Know Your Client (KYC) checks.”
Ezeafulukwe made his revelation today on the SiBAN Watsapp group.
Paul’s statement was in line with today’s trending news of $15,000 bitcoin being used to pay for a kidnap ransom in Nigeria’s capital city, Abuja.
“We are well aware that Fiat has always been used before now for ransom so it’s not surprising that unscrupulous elements are beginning to use bitcoin.” Said Ezeafulukwe
Paul further encouraged members to do their due diligence when attempting to purchase BTC, “as police and law enforcement agents have beamed their searchlights on bitcoin transactions and Cryptocurrencies in general.” Reiterated Paul.
SiBAN is a self-regulatory body, founded by stakeholders in Nigeria’s blockchain and cryptocurrency community for the purpose of supporting players in the space; educating users and members of the public about the blockchain technology; ensuring consumer protection and safeguards against scams; and working with regulators to help maximize the untapped potentials of the blockchain.
“Do warn your friends, staffs, colleagues and others to apply caution in their trades and engage best industry practice henceforth. Spread this message to friends and dealers in Crypto.
“Lastly please endeavor to report any transaction in excess of the stipulated amount to relevant authorities before the close of business same day to avoid unnecessary harassment and possible conviction. Ignorance of the law is not an excuse.” Concluded Paul.