Nigerian Police Nab Operator of Illegal Cryptocurrency Platform

IconCryptoNewsTerminal Staff16 Jul, 2024

cryptonews.jpg

Nigerian Police Nab Operator of Illegal Cryptocurrency Platform

The Nigerian Police Force (NPF) has arrested one Linus Williams, known locally as a crypto millionaire, for allegedly operating an illegal cryptocurrency trading platform. Williams's platform reportedly traded USDT and Bitcoin without the necessary authorization from the authorities. The arrest was made following investigations that revealed that Williams was running an illegal platform to trade USDT and Bitcoin. He has been accused of internet fraud and violation of the Anti-Money Laundering and Counter-Terrorism Financing Act. The NPF's actions are a reminder that operating unlicensed cryptocurrency platforms in Nigeria is illegal. The country's Central Bank has warned against investing in cryptocurrencies, citing potential risks such as volatility and fraud.

Related News