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Nigerian police have arrested self-proclaimed cryptocurrency billionaire Linus Williams, known as Blord, on charges of digital asset fraud and terrorist financing.
According to law enforcement officials, Linus Williams managed a trading platform where the purchase of USDT stablecoins and bitcoins for the Nigerian naira was carried out. This violates the country's securities laws. Police allege that Williams committed these crimes through his holding company, Blord Group of Companies. In addition, Williams company was not registered with major cryptocurrency associations in Nigeria.
"The police are now investigating complaints filed against Blord Group, Blord Real Estate Ltd, Blord Jetpaye Limited and Billpoint Technology. We are talking about fraud with cryptocurrencies, facilitating Internet fraud, financing terrorism and non-compliance with the regulatory framework," the prosecutor's office said.
Recently, the Central Bank of Nigeria (CBN) filed charges against the largest crypto exchange Binance, saying that it provided banking services to local residents without the authority's permission. The regulator explained that Binance was converting naira into US dollars, and the exchange's activities devalue the state currency of Nigeria.
In February, the Central Bank of Nigeria ordered to block access to all cryptocurrency services, including Binance, Coinbase, Kraken and OctaFX trading platforms.
