Two weeks ago, when the Nigerian Securities and Exchange Commission (SEC) issued licences to two crypto exchanges, it seemed like a potential green light for crypto in the country, signalling that authorities might be softening their stance. But that’s not quite the full story.
The Economic and Financial Crimes Commission (EFCC) has since obtained a court order to freeze ₦548.6 million ($332,000) in bank accounts belonging to suspected crypto users on platforms like Bybit and KuCoin.
Why the freeze? The EFCC claims these platforms facilitated activities that contributed to the naira’s devaluation. The commission accused them of enabling users to operate in secrecy by bypassing Nigeria’s anti-money laundering regulations. They’ve also written to banks requesting hard copies of the details of P2P traders’ accounts.
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Last updated: December 22, 2024
