The EFCC alleges that the frozen accounts are connected to individuals utilizing virtual cryptocurrency exchanges to manipulate the value of the Naira and launder proceeds from illegal activities. Notable account holders include Akitoye Adeyemi Ayomide, Clyp Trading Ltd, Toyetech Platforms Ltd, and others.
The investigation also involves platforms like Binance, with the court ordering the company to provide data on Nigerian traders. The EFCC claims that manipulation on platforms like Binance has caused significant distortions in the currency market, leading to the depreciation of the Naira against other currencies.
The legal action against Binance extends beyond the EFCC, with the Federal Inland Revenue Service (FIRS) also prosecuting the company for alleged tax evasion. Justice Nwite adjourned the case until July 23 for further proceedings, as the EFCC continues its efforts to combat financial crimes and uphold the integrity of Nigeria’s financial system.
Source: Business Day