Court orders crypto company to pay N140m to EFCC for illegal USDT/Naira trade

[SatoPrincess]

Nairametrics reports that the company and Okereke among several firms and individuals were indicted by the EFCC for negotiating United States Dollar Tether (USDT) against the Naira with the public, despite not being an authorized dealer in the Nigeria Autonomous Foreign Exchange Market.


Nairametrics reports that the company and Okereke among several firms and individuals were indicted by the EFCC for negotiating United States Dollar Tether (USDT) against the Naira with the public, despite not being an authorized dealer in the Nigeria Autonomous Foreign Exchange Market.

According to the plea bargain, the defendant admitted committing the offense and has restituted N140,000,000 to the EFCC, being part of the amount associated with the disputed transaction.

The case stems from the EFCC’s ongoing investigation, which revealed that several bank accounts are linked to individuals allegedly using virtual cryptocurrency exchange platforms to manipulate the value of the Naira illegally and launder proceeds from unlawful activities.

source

The story is quite alarming, allegedly the EFCC has flagged several bank accounts linked to crypto transactions and are coming for the account owners. How far are the government willing to go to put an end to crypto p2p transactions. They are using EFCC as their muscle to run down crypto firms and individuals who are trading crypto. Right now they are attacking people who have done transactions above 10m so they (EFCC) can make some money from restitution. What happens when they are done with the big fish and face accounts with l smaller amounts? How do you we as crypto investors protect ourselves from this prosecution?

[Amphenomenon]

What happens when they are done with the big fish and face accounts with l smaller amounts? How do you we as crypto investors protect ourselves from this prosecution?

This is just too annoying, they're coming for us, I don't really know if they will come for us but I think every local exchanges will have a taste of this soon except they actually register under them.

Though if they come for us, I think we need to find a way of getting a virtual account and stop doing p2p with our Fiat currency (naira), thereby moving to another and then won't really have much on us since if we're using our naira while being cautious, we might be unfortunate that someone we did p2p with will be arrested and thereby they will trace us and we will suffer from it.
Outside all this I think the most significant thing that ought to may ask from us, who are not local exchanges/vendors are tax but in the worst case the above is the beat option for us.

[EL MOHA]

Though if they come for us, I think we need to find a way of getting a virtual account and stop doing p2p with our Fiat currency (naira), thereby moving to another and then won't really have much on us since if we're using our naira while being cautious, we might be unfortunate that someone we did p2p with will be arrested and thereby they will trace us and we will suffer from it.
Outside all this I think the most significant thing that ought to may ask from us, who are not local exchanges/vendors are tax but in the worst case the above is the beat option for us.

Although it’s actually just worrisome that even with other countries actually looking at relaxing their laws against bitcoin and cryptocurrency at large Nigeria is still not looking towards that direction. Although I remain optimistic that we will one day have a legalized cryptocurrency Environment.

I think that this transactions are easily traceable by the EFCC as cryptocurrency transactions due to maybe the account information used to register the account  or the narration added by the sender of the money. Other reasons could be that the amount involved in the transaction are somewhat high figures which might have caught the bank attention. Other than that I think we who usually do little amounts and the funds are transferred like the regular money transfers have nothing big to worry about except that the exchange might have to give them information about us, for now P2P is still the best way to me to avoid this EFCC saga

[Felicity_Tide]

How do you we as crypto investors protect ourselves from this prosecution?

As it stands, we can't even tell if the government are against the whole thing, or they are just after the money of those that choose not to indulge themselves in terrible acts. From the news you actually quoted above, it says "despite not being an authorized dealer", which means there are certain people who are actually given the license to operate, sell whatever they want to sell, and maybe remit something to the government at the end of the day. And if there are authorized dealers that are allowed operate, then it means trading with the naira is not an offense in any way.

The problem here is that, the rule on ground is not clear. It's quite disappointing that the government wants to get hold of such an amount (140M). I can't really come up with any means of we protecting ourselves rather than trying not to specify crypto in our transaction details, but it seems the merchants are actually the main target, and it's easier to trace down other transactions through their transaction history when they are caught, which is probably a problem already.

[promise444c5]

Firstly,  they are not an authorised dealer.. they are likely to face charge for that and at the same time there're authorised dealer and they're complaining that's what is destroying naira value... which means  all they have to do to those banned p2p exchanges was just authorising them with huge amount now I see why the exchanges were  avoiding Nigerians for P2P ...
They going after 10M above first  which shows their clear motive that it's all about money and it's not that they are using this money for something important, it just vanish into the thin air with no one to hold accountable, What a retarded country

[Hewlet]

How far are the government willing to go to put an end to crypto p2p transactions. They are using EFCC as their muscle to run down crypto firms and individuals who are trading crypto. Right now they are attacking people who have done transactions above 10m so they (EFCC) can make some money from restitution. What happens when they are done with the big fish and face accounts with l smaller amounts? How do you we as crypto investors protect ourselves from this prosecution?

E no de always pass like this. Misplaced priority and the blame game na him just be our problem.

Make we assume say one of the reason why our currency de loose value na based on crypto p2p transactions, The question is, na the only medium when we de take get USDT transaction? Is it not evident that some of them deliberately manipulate the exchange rate so they can pay thier children school fees and then allow the naira to fall again? The only thing when de pain me for this matter na say youths when de use this legit crypto means to fend for themselves go end up falling victim  and being extorted from by the efcc while the money go still enter wrong hand and them no go still use am do any meaningful thing for the society.

Get refinary working again, that one na no go area. Encourage local production of goods and discourage importation of goods we have the capacity of manufacturing, that one them go close thier hear to am like say e no concern them but go only choke eye for crypto like say na the only problem we get be that. If like say them de attack crypto based on say some kidnapers de use am as a means of receiving ransom, e for even make sense pass the exchange rate bull shit dem de worry for like this.

[Salahmu]

To me is very clear that the government is not working according to what they said was the reason why they banned P2P trading, right now they don't even care whether you are using P2P or doing a normal holding immediately they discovered that you are into such business they will track you down and even if you are not guilty you will be wiped with the money you will spend before coming out, although since they are targeting account that transact from 10 million and above, so does it mean that those from 1 million naira is allowed?.

Well for someone who understand the ways of the government I think they made that statement so that those that were scared before will start doing their transaction with the belief that they are doing below the amount the government had mention and after exposing themselves when the EFCC are true with the big boys they will now change the method to those with 100k naira and above and they would start raiding down from the people who had exposed themselves as crypto traders, so I believe that statement is just a trap for people who transact of such amounts.

[Frankolala]

How do you we as crypto investors protect ourselves from this prosecution?

As it stands, we can't even tell if the government are against the whole thing, or they are just after the money of those that choose not to indulge themselves in terrible acts. From the news you actually quoted above, it says "despite not being an authorized dealer", which means there are certain people who are actually given the license to operate, sell whatever they want to sell, and maybe remit something to the government at the end of the day. And if there are authorized dealers that are allowed operate, then it means trading with the naira is not an offense in any way.

I agree with you that trading Naira is not the problem, because there are exchanges who have gotten their license to operate in Nigeria, and that's why you are seeing some exchanges adding VAT on p2p transaction. Last time some exchanges like Bybit and Bitget was having issues with the government, I believe it has been sorted out and they now have the permit to operate in the country. Maybe, that's why if you are using Naira p2p on Bitget, you pay something little. No fear, if worst come to worst switch to DEX.

[Cryptomultiplier]

Nairametrics reports that the company and Okereke among several firms and individuals were indicted by the EFCC for negotiating United States Dollar Tether (USDT) against the Naira with the public, despite not being an authorized dealer in the Nigeria Autonomous Foreign Exchange Market.


Nairametrics reports that the company and Okereke among several firms and individuals were indicted by the EFCC for negotiating United States Dollar Tether (USDT) against the Naira with the public, despite not being an authorized dealer in the Nigeria Autonomous Foreign Exchange Market.

According to the plea bargain, the defendant admitted committing the offense and has restituted N140,000,000 to the EFCC, being part of the amount associated with the disputed transaction.

The case stems from the EFCC’s ongoing investigation, which revealed that several bank accounts are linked to individuals allegedly using virtual cryptocurrency exchange platforms to manipulate the value of the Naira illegally and launder proceeds from unlawful activities.

source

The story is quite alarming, allegedly the EFCC has flagged several bank accounts linked to crypto transactions and are coming for the account owners. How far are the government willing to go to put an end to crypto p2p transactions. They are using EFCC as their muscle to run down crypto firms and individuals who are trading crypto. Right now they are attacking people who have done transactions above 10m so they (EFCC) can make some money from restitution. What happens when they are done with the big fish and face accounts with l smaller amounts? How do you we as crypto investors protect ourselves from this prosecution?

I dey tire to see all this kind of news because e no just dey encouraging to those of us wey don dey into cryptocurrency trading and investment for some time now.

Should we now find a way to exit the country, because with all this attack on large crypto holders and even the petty crypto traders, we might come to anarchy.
The government should find a way to regulate crypto activities instead of chasing clout and embarrassing those who use it with pure intentions.

[Asiska02]

The story is quite alarming, allegedly the EFCC has flagged several bank accounts linked to crypto transactions and are coming for the account owners. How far are the government willing to go to put an end to crypto p2p transactions. They are using EFCC as their muscle to run down crypto firms and individuals who are trading crypto. Right now they are attacking people who have done transactions above 10m so they (EFCC) can make some money from restitution. What happens when they are done with the big fish and face accounts with l smaller amounts? How do you we as crypto investors protect ourselves from this prosecution?

News like this are not encouraging to hear for us crypto enthusiasts and news like this can also drive away the interest of those looking at venturing into cryptocurrency in the nearest future. For them to clamp down on bigger bodies in the crypto space, then we are also not safe and they may come for us anytime soon when they don’t get to clamp down on the big individuals that already ventured into crypto. They (EFCC) are acting on the commandment of the government and they can’t do more than what they’re not asked to do.

When other countries governments are looking to relax some laws about cryptocurrencies and make it an enabling financial mechanism for those that wants to venture into it, our government is here making it hard for us crypto enthusiasts to do away with this technology which is not even something we can even consider leaving after the benefits we have achieved from using them. The government should not do what they think is a way for Naira to strengthen and lose focus on what is actually the solution yo strengthen Naira in this economy we find ourselves in.

[Obim34]

The cryptocurrency space is becoming a bit of hell already, including those who are guilty and those who are not, they will all face the fierce judgement of the government.

My only concern is why they are using same corruption to tackle other corruption, the EFCC as a body is not even healthy enough when it comes to sanity, they are all scammers in their own ways, same with the government.

Our government should just go direct to the point, if they do want authorization/taxes from the exchanges, instead of going through this long process that still end in demands.

[SatoPrincess]

To me is very clear that the government is not working according to what they said was the reason why they banned P2P trading, right now they don't even care whether you are using P2P or doing a normal holding immediately they discovered that you are into such business they will track you down and even if you are not guilty you will be wiped with the money you will spend before coming out, although since they are targeting account that transact from 10 million and above, so does it mean that those from 1 million naira is allowed?.

Well for someone who understand the ways of the government I think they made that statement so that those that were scared before will start doing their transaction with the belief that they are doing below the amount the government had mention and after exposing themselves when the EFCC are true with the big boys they will now change the method to those with 100k naira and above and they would start raiding down from the people who had exposed themselves as crypto traders, so I believe that statement is just a trap for people who transact of such amounts.

Na thief people dey our government na why things no dey fit work well. Them don see say them fit make money from this hunt na why them dey do am. You can imagine getting 140million naira plus to your account as restitution. Restitution for what? Money that was not made illegally, the EFCC are misusing their power. When I read that the accused had agreed to a plea bargain, I knew that EFCC were going to bleed him dry. Their people are not concerned about fighting crime, they just want their pockets to be fat.

[Wiwo]

To me is very clear that the government is not working according to what they said was the reason why they banned P2P trading, right now they don't even care whether you are using P2P or doing a normal holding immediately they discovered that you are into such business they will track you down and even if you are not guilty you will be wiped with the money you will spend before coming out, although since they are targeting account that transact from 10 million and above, so does it mean that those from 1 million naira is allowed?.

Well for someone who understand the ways of the government I think they made that statement so that those that were scared before will start doing their transaction with the belief that they are doing below the amount the government had mention and after exposing themselves when the EFCC are true with the big boys they will now change the method to those with 100k naira and above and they would start raiding down from the people who had exposed themselves as crypto traders, so I believe that statement is just a trap for people who transact of such amounts.

Na thief people dey our government na why things no dey fit work well. Them don see say them fit make money from this hunt na why them dey do am. You can imagine getting 140million naira plus to your account as restitution. Restitution for what? Money that was not made illegally, the EFCC are misusing their power. When I read that the accused had agreed to a plea bargain, I knew that EFCC were going to bleed him dry. Their people are not concerned about fighting crime, they just want their pockets to be fat.

EFCC is facing some legel status battle lately and even though those behind that legal battle are politicians like the former Governor of kogi state who is standing charges in the court bordering on money laundering charges against but refused to submit to his arrest and possible persecution, he and EFCC have been at war for sometimes so we may say that the legal status of EFCC being questioned can be related to political, but far from that in this topic but why I pointed it out is for us to know how the EFCC have left their fundamental job line to chasing the bags lately, they are where they think the money is, is either they chasing and arresting young Nigerians calling them Yahoo boiz or clamping down on cryptocurrency vendurs those with the big bags, this have effected the general outlook and the motivation of young Nigerians who have the knowledge and resources to develop and run cryptocurrency firms.

Although we can't blame them entirely also, because the Nigeria forex stage have been front line by some players who have questionable character and involved is illegal deals with some having criminal records with eitehrd EFCC or the police but now hiding under cryptocurrency trading or exchange for the sole aim to cover up the tracks and this guys some of them are not even in Nigeria, this reality have triggered the EFCC to step in but this time, they are I we doing their job in terms of financial crimes monitoring and persecutions,.

[nelson4lov]

~Snipped

What happens when they are done with the big fish and face accounts with l smaller amounts? How do you we as crypto investors protect ourselves from this prosecution?

The truth is you can't. You'd just have to keep your fingers crossed and hope you don't get into trouble with them. But the goodnews about the matter os that agency don't concern themselves too much with much smaller fishes because the incentives are not very attractive compared to going about the big fishes. EFCC has some very corrupt individuals and their primary concern is for profit from their raids and indictment. The best you can do is to keep your activities away from the prying eyes of the government and law enforcement thar would do anything to stop financial freedom and free speech.

[CryptopreneurBrainboss]

The story is quite alarming, allegedly the EFCC has flagged several bank accounts linked to crypto transactions and are coming for the account owners. How far are the government willing to go to put an end to crypto p2p transactions. They are using EFCC as their muscle to run down crypto firms and individuals who are trading crypto. Right now they are attacking people who have done transactions above 10m so they (EFCC) can make some money from restitution. What happens when they are done with the big fish and face accounts with l smaller amounts? How do you we as crypto investors protect ourselves from this prosecution?

This na why e dey hard to do business for this country and this country go hard to move forward unless we get a new adminstration wey go consider the growth of the country first before any other selfish reasons.

Naira dey crash but you no go focus fixed up the economy of the country, na people wey dey do business to try survive, na them be your target. They're chasing away entrepreneurs that would have been born from crypto affiliated businesses because any crypto -Nigeria business now can be labelled as a crypto P2P business as anything fit happen for this country.

As retail investors, e no get anything wey we fit do but just dey hope say eye no reach us. Sha one sure thing now na to commot most of your money from banks or any business wey EFCC fit seize, save in Bitcoin or stablecoin wey government no fit seize and avoid centralized platforms because them fit they work with the government.

[SuperBitMan]

The Nigeria government don't support progress they fine a way to make sure they destroy what will help young people, now my question is why are they prevent people from trading cryptocurrency will stopping crypto trading or transaction stop the hunger and undevelopment in Nigeria, nothing is working anymore and all the government is interested about is stopping people from gain money from cryptocurrency.
The Nigeria government has failed the people, the level of hunger in Nigeria now is something else, I saw a video were a trailer carrying rice fell and all the rice fell to the ground and was missed with sad people came and started packing it with that sand I felt so sad the people of Nigeria are suffering because of bad government.

Well if anyone is doing a transaction with crypto please don't write any narration for example if you want to fund money from your bank account to your wallet don't put any narration about crypto in the back app if you do they will locate you.

[SatoPrincess]

This na why e dey hard to do business for this country and this country go hard to move forward unless we get a new adminstration wey go consider the growth of the country first before any other selfish reasons.

Naira dey crash but you no go focus fixed up the economy of the country, na people wey dey do business to try survive, na them be your target. They're chasing away entrepreneurs that would have been born from crypto affiliated businesses because any crypto -Nigeria business now can be labelled as a crypto P2P business as anything fit happen for this country.

As retail investors, e no get anything wey we fit do but just dey hope say eye no reach us. Sha one sure thing now na to commot most of your money from banks or any business wey EFCC fit seize, save in Bitcoin or stablecoin wey government no fit seize and avoid centralized platforms because them fit they work with the government.

Na good advice you give CB but how the country economy go grow when the government don frustrate dey businesses and investments for the country. Them go use anyhow conditions pursue foreign investors, come dey frustrate citizens way won make a living for themselves and their families. Make I no lie, to be a Nigerian no easy, na to japa go where you fit make something out of yourself.

[HajiBagi]

All this thing's wey government and Efcc dey do na Initial gragra because I no dey even mind waiting them dey do, both The government and the Efcc na thief, Efcc is the big thief for the country now because their matter sef Don tire people, this Efcc are the one that will catch person and still collect bribe, how many times we go hear this news about government and cryptocurrency? This news about our government and cryptocurrency sef don tire me because as we dey talk am E dey make me feel like we too dey fear them.

Both the government and Efcc na bribe they want and that will never possible, as they did not have anybody that us why they are spreading news just tos scared people, if Efcc arrest people wey dey do p2p transactions dey will release the person and collect money from that person, I know say them get right because na their duties but this one wey be say them go arrest people E no go happen.