EFCC Resumes Crackdown on Binance and Other Cryptocurrency Platforms Amid Naira-Dollar Fluctuations

The Economic and Financial Crimes Commission (EFCC) continues its crackdown on Binance and other cryptocurrency platforms amid the recent marginal surge of the Dollar against the Naira in the foreign exchange market.

Dele Oyewale, the spokesperson for the EFCC, confirmed the ongoing crackdown, emphasizing the Commission’s commitment to ensuring sanity within the country’s forex market.

Last week, the Naira experienced three consecutive drops against the Dollar in the foreign exchange market after months of sustained appreciation.

In response to this development, Oyewale stated, “The commission is taking all necessary legal measures to ensure stability in the Nigerian foreign exchange market.”

The EFCC recently assumed control of the case involving Binance’s alleged fraudulent activities from the office of the National Security Adviser. Since February 26, two of the firm’s executives, Nadeem Anjarwalla and Tigran Gambrayan, had been in custody. However, Nadeem Anjarwalla managed to escape from custody in Nigeria in March.

While the Nigerian government has vowed to extradite Anjawalla, Gambrayan was arraigned in court in April for alleged tax evasion.

The government has consistently attributed the rise of the Dollar against the Naira to currency speculators operating on cryptocurrency platforms.