WATCH THE VIDEO HERE The Economic and Financial Crimes Commission (EFCC) has secured the fresh conviction of a Nigerian crypto company, Plip Global Ventures, which admitted to illegally conducting USDT-to-Naira transactions without a banking license. The conviction, which resulted in the firm forfeiting N25 million to the federal government, was handed down on Monday by Justice Inyang Ekwo of the Federal High Court, Abuja, in case number FHC/ABJ/CR/294/2024. This latest ruling adds to the growing number of convictions related to illegal crypto trading in Nigeria, following plea bargains between suspected companies and the EFCC. After hearing from both parties, Justice Ekwo convicted the firm in accordance with the plea bargain and imposed a fine of N500,000, to be paid to the Federal Government of Nigeria. The judge said the company’s director shall, at all material and reasonable times, be available to assist the EFCC during further investigations as it relates to this case The verdict highlights the EFCC’s ongoing legal crackdown on Nigerian crypto firms involved in unlicensed USDT-to-Naira transactions. Naijaonpoint previously reported that two other Nigerian crypto companies, Paparaxy Global Ventures Limited and Lemskin Technologies Limited, refunded N160,000,000 to the federal government after being indicted for conducting unauthorized financial activities. This case is part of the EFCC’s broader investigation, which has allegedly uncovered several bank accounts linked to individuals allegedly using virtual cryptocurrency exchange platforms to manipulate the Naira’s value and launder proceeds from illegal activities.
EFCC sustains clampdown as convicted Nigerian Crypto firm forfeits N25 million to FG
