In a significant move to regulate the burgeoning cryptocurrency market, the Federal Government of Nigeria has filed criminal charges against four prominent Nigerian crypto dealers and several associated firms. The charges, which include allegations of conducting financial business without a valid banking license, specifically target transactions involving the conversion of USDT to Naira.
The individuals named in the charges are Ejiogu A. Chinedu, Nnamdi F. Okereke, Oty Ugochukwu Stanley, and Chukwuebuka F. Ogumba. These individuals, along with their co-defendant firms, are accused of operating outside the legal framework established for financial institutions in Nigeria.
The charges were filed in various courts, with exclusive details obtained by Nairametrics. The Federal Government’s action underscores its commitment to enforcing financial regulations and ensuring that all financial activities, including those involving cryptocurrencies, are conducted within the bounds of the law.
Stay tuned for more updates on this developing story.
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