Nigeria’s Federal Government has filed criminal charges against four crypto dealers and several firms for allegedly violating the Banks and Other Financial Institutions Act of 2020.
The charges stem from allegations of conducting business without a valid banking license, including USDT to Naira transactions. The Economic and Financial Crimes Commission (EFCC) has also secured an order to freeze N548.6 million in bank accounts belonging to suspected crypto users on platforms like ByBit and KuCoin.
The defendants are accused of conducting specialized business without a valid license and allegedly negotiating USDT against Naira with the public.
