Breaking: EFCC Freezes Over 300 Crypto Accounts Amid Binance Ban

The Economic and Financial Crimes Commission (EFCC) has frozen approximately 300 accounts linked to cryptocurrency transactions, following the recent ban on the Binance trading platform. Chairman Ola Olukoyede revealed this during a press briefing at the EFCC Headquarters…..READ ALSO Breaking News: EFCC Arrest Buhari’s Minister, Hadi Sirika

The move aims to safeguard the integrity of the foreign exchange market and prevent potential threats to the stability of the Naira. Olukoyede highlighted concerns about peer-to-peer financial trading schemes operating outside traditional banking channels, warning of their potential to exacerbate the devaluation of the Naira. The EFCC’s action underscores its commitment to combatting illicit financial activities and enforcing regulatory measures in Nigeria’s financial sector.

Olukoyede said the Commission has discovered another worse scheme other than crypto trading platform Binance and its system.

According to him, the scheme popularly called the “P to P” peer- peer financial trading scheme has operated outside the official banking and financial corridors and there was a looming disaster that could further crashed the Naira value that has continued to gain.

“There are people in this country doing worse than Binance,” he said, adding that over $15 billion passed through one of the platforms in the last one year.

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