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The Economic and Financial Crimes Commission of Nigeria (EFCC) has frozen 22 bank accounts of USDT sellers on crypto exchanges Bybit, KuCoin, and others through the court. The total amount of blocked funds is 548.6 million naira ($330,000), local media write.
EFCC investigators accused traders of manipulating the artificial undervaluation of the Nigerian naira.
"Customers of foreign exchanges are not authorized to exchange cryptocurrencies for naira and vice versa at rates that are detrimental to the financial system of Nigeria," the case file says.
The trading platforms themselves, according to the agency, contributed to the devaluation of the national currency, and also did not comply with the rules for combating money laundering and terrorist financing.
The assets of Kora Payment Network, AD Ishola Farms Ltd and Microcore Tech Investment Services, among others, were blocked.
At the moment, the owners of frozen accounts are either being prosecuted or are under investigation on charges of unauthorized foreign exchange transactions, money laundering and terrorist financing.
The Nigerian authorities are concerned about the impact of cryptocurrency exchanges on the country's economy. In February 2024, telecommunications companies received an order from the government to block access to a number of platforms, including Binance, Coinbase, and Kraken.
EFCC investigators accused traders of manipulating the artificial undervaluation of the Nigerian naira.
"Customers of foreign exchanges are not authorized to exchange cryptocurrencies for naira and vice versa at rates that are detrimental to the financial system of Nigeria," the case file says.
The trading platforms themselves, according to the agency, contributed to the devaluation of the national currency, and also did not comply with the rules for combating money laundering and terrorist financing.
The assets of Kora Payment Network, AD Ishola Farms Ltd and Microcore Tech Investment Services, among others, were blocked.
At the moment, the owners of frozen accounts are either being prosecuted or are under investigation on charges of unauthorized foreign exchange transactions, money laundering and terrorist financing.
The Nigerian authorities are concerned about the impact of cryptocurrency exchanges on the country's economy. In February 2024, telecommunications companies received an order from the government to block access to a number of platforms, including Binance, Coinbase, and Kraken.
