Nigerian Authority Freezes $3.3 Million in Crypto Funds Over Alleged Currency Depreciation

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BitcoinWorld 17h ago

Nigerian Authority Freezes $3.3 Million in Crypto Funds Over Alleged Currency Depreciation - BitcoinWorld

Quick Summary:

Nigerian crypto exchange funds freeze: In a significant development for the cryptocurrency landscape in Nigeria, the Economic and Financial Crimes Commission (EFCC) has frozen approximately 548.6 million Nigerian naira, equivalent to $3.3 million, in bank accounts associated with users on major crypto exchanges such as ByBit and KuCoin.

Impact on Crypto Exchanges: The freeze affects users on well-known crypto exchanges such as ByBit and KuCoin.

Regulatory and Legal Framework: The freezing of funds was executed following an order from the Federal High Court, underscoring the legal basis for the EFCC’s actions.