Washington University crypto expert on Nigeria's crypto crackdown: 'Don't blame Binance for bitcoin's existence'

CoinTelegraph reported on efforts by the Nigerian Central Bank to strengthen the naira through banning multiple crypto exchanges. As part of these measures, Binance, recognized as the world's largest crypto exchange, removed the naira from its peer-to-peer trading platform on February 28th. There have been reports suggesting that amid this crackdown, the Nigerian government is considering imposing a fine on Binance. Furthermore, two Binance officials are reportedly being detained in Abuja by Nigeria's National Security Adviser’s office.

According to a report from the Crypto Council for Innovation, Nigerians have been utilizing digital assets for routine transactions, as a hedge against inflation and for investment purposes. The report notes that "Nigerians are keen to protect the value of their money," particularly given that food costs reached a 27-year high in December 2023. The report also highlighted Nigerians' appreciation for lower fees and faster transaction times associated with cross-border crypto payments. With Nigeria heavily reliant on remittances which can carry traditional financial system fees as high as 36%, it is unsurprising that half of Nigerian respondents in a 2023 survey by Consensys expressed a desire for crypto regulations that would protect users while also encouraging adoption.

Weinhaus's academic and professional focus on cryptocurrency and monetary sovereignty is outlined in his LinkedIn profile. He holds a Juris Doctor (JD) from Washington University, a master's degree in digital currency from the University of Nicosia, an MBA from the University of Chicago Booth School of Business, and a bachelor's degree in economics from the London School of Economics.