Regulation
Nigerian Police Arrest ‘Crypto Billionaire’ BLord Over Allegations of Crypto Fraud, Terrorism Financing, and Regulatory Non-Compliance – BitKE
Nigerian police have announced that they have arrested cryptocurrency billionaire Linus Williams, better known as BLord, for alleged cryptocurrency fraud and terrorism.
The Force Public Relations Officer, ACP Muyiwa Adejobi, said BLord was arrested in Abuja on July 16, 2024. Authorities are investigating complaints lodged against:
- Blord Group
- Blord Ltd Real Estate Agency
- Blord Jetpaye Limited, and
- Billpoint Technology
what are the suspect’s companies.
According to the officer, the offences allegedly committed by Williams included allegations of cryptocurrency fraud, aiding and abetting internet fraud, computer fraud, terrorist financing and failure to comply with regulatory frameworks.
Responding to journalists, Adejobi said: “Yes, we have it with us. The FCID (NPF-NCCC) is currently investigating the complaints filed against Blord Group, Blord Real Estate Ltd, Blord Jetpaye Limited and Billpoint Technology.
“These offences include allegations of cryptocurrency fraud, aiding and abetting internet fraud, computer fraud, terrorist financing and failure to comply with regulatory frameworks.
We will exercise due diligence in our investigations. Our cyberspace in Nigeria must be safe and secure by all means. We are determined to achieve this.
Recently, a senior official of the Nigerian Securities and Exchange Commission (SEC) revealed that many young Nigerians are adopt cryptocurrencies due to the secret nature of transactions.
🇳🇬REGULATION | ‘Young Nigerians are attracted to cryptocurrencies due to their secretive nature,’ says SEC Nigeria
The comments come just days after the commission issued a notice to operators that it was changing its rules on digital asset issuance, offering platforms,… pic.twitter.com/zZ6KZWTpd9
— BitKE (@BitcoinKE) June 28, 2024
The SEC, which has introduced a new vetting process for crypto companies operating within its borders, noted that the local cryptocurrency market is valued at over $400 million with 33.4% of Nigerians using or owning cryptocurrencies.
🇳🇬REGULATION | Digital Asset Operators in #Nigeria Obligation to establish a local presence in the latest eligibility conditions
In early June 2023, SEC Nigeria issued a circular directing all operational and prospective VASPs (including cryptocurrency brokers/dealers) to visit… pic.twitter.com/JLUPwsOT2C
— BitKE (@BitcoinKE) July 9, 2024
According to the SEC official, the commission would continue to educate investors about the risks associated with digital assets so they can make wise investment decisions.
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“The lack of a comprehensive regulatory framework has created uncertainty that can discourage investors and innovators. Cybersecurity threats, including hacking and fraud, pose significant risks.
“A significant portion of the population lacks adequate financial knowledge, making them vulnerable to scams and risky investments,” he explained.
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