Nigeria sues four individuals and multiple companies for alleged illegal cryptocurrency trading and money laundering

2024-09-14 08:58:25

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ChainCatcher news, the Nigerian government has filed criminal charges against four individuals and multiple companies, accusing them of illegally conducting cryptocurrency transactions without holding a banking license, including exchanging USDT for Naira.

The four defendants are Ejiogu A. Chinedu, Nnamdi F. Okereke, Oty Ugochukwu Stanley, and Chukwuebuka F. Ogumba. They are charged with violating the Banks and Other Financial Institutions Act and the Foreign Exchange Act.

This case stems from an investigation by the Economic and Financial Crimes Commission (EFCC) into alleged manipulation of the Naira exchange rate and money laundering through virtual cryptocurrency trading platforms.

Previous news, the Economic and Financial Crimes Commission (EFCC) has obtained court approval to freeze over $330,000 (5.486 billion Naira) of suspicious funds deposited in cryptocurrency users' bank accounts.

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