Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), raised concerns about the unwitting involvement of some youths in funding terrorism through cryptocurrency trading. Speaking at a national dialogue on preventing terrorism financing and violent extremism, Olukoyede emphasized that many individuals engaged in cryptocurrency trading may not realize that their activities are being exploited by sponsors of terrorism.
Olukoyede highlighted the recent freezing of 1,146 bank accounts by the EFCC, revealing that some of these accounts served as conduits for terrorism funding. He underscored the potential of virtual currency trading platforms, like Binance, to be used for illicit activities, noting ongoing prosecutions in this regard. Additionally, he warned that other similar platforms have been discovered to facilitate terrorism financing, often involving unsuspecting young traders who receive funding from these malicious sources.
Recognizing the importance of technology in combating terrorism financing, the EFCC chairman stressed the need for enhanced measures to track the flow of money in such illicit transactions.
Source: The Cable