In a decisive move against unregulated crypto activities, two Nigerian companies, Egomsinachi Road Autos Limited and Chimera Log & Haulage Services Limited, have been fined $30,000 by the Federal High Court in Abuja. This comes as part of the EFCC’s crackdown on unauthorized USDT-to-Naira transactions.
🔶 Key Details:
The companies were ordered to pay N50 million to the EFCC recovery account.
Director Chukwubuka Felix Ogumba admitted guilt to unlicensed trading and failing to report transactions to SCUML, violating Nigeria's Money Laundering Act (Section 11(3)).
🔶 Wider Implications: The EFCC has also frozen accounts totaling over $325,000 linked to unaccredited crypto activities, showcasing the government's firm approach to curbing unlawful crypto trading.
Stay updated as Nigeria intensifies its regulation of the crypto market, ensuring compliance and preventing financial crimes. 🌐🔒
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