Crypto firm convicted for USDT-Naira trading, ordered to pay $86K

Cryptocurrency trading firm Official Gredo Limited has been convicted in a Nigerian court of illegally conducting tether (USDT)-Naira trades without a banking license, reports Nairametrics.

On Wednesday, the court heard accusations that Official Gredo failed to report a N76.5 million ($46,000) transfer to the Nigerian Financial Intelligence Unit, in violation of Nigeria’s Money Laundering Act.

The crypto firm’s director, Nnamdi Okereke, pleaded guilty to one count of money laundering.

Offline USDT sale abandoned after buyer gets punched in face

Read more: FBI details how USDT is laundered through Binance

As part of a plea bargain with the Economic and Financial Crimes Commission (EFCC), Official Gredo and Okereke will cough up N140 million ($85,000) in restitution and pay a N1 million ($610) fine.

The crypto trading firm is just one of several recently indicted by the EFCC for illegal USDT-Naira trades, according to Politics Nigeria. Recently, Paparaxy Global Ventures and Lemskin Technologies were ordered to pay N160 million ($97,000) for similar crimes.

Got a tip? Send us an email or ProtonMail. For more informed news, follow us on X, Instagram, Bluesky, and Google News, or subscribe to our YouTube channel.

Comments

Post a Comment

Popular posts from this blog

Commodities tilting toward ‘great reset;’ Expert analysis

Image
With the world in the midst of escalating geopolitical tensions and other strong influences, it is no surprise that commodities are feeling this effect as well, with the price of gold recently soaring to its all-time high (ATH), Bitcoin (BTC) growing 160% this year, while other commodities are dropping, suggesting a ‘ great reset .’ Indeed, according to the senior Bloomberg commodities expert Mike McGlone, commodities are tilting toward a great reset in which gold is rising, and most of its competitors are falling, with the “risk of that trajectory accelerating in 2024,” as he explained in an X post shared on December 27. Bloomberg Intelligence asset price data for 2023. Source: Mike McGlone Conditions for rebound Furthermore, as he added, there are certain factors that need to fall into place for a possible rebound of the commodities that have been trending downwards in 2023, unlike the price of gold and that of the flagship decentralized finance (DeFi) asset, Bitc...
Read more

US Authorities Crack Down on Alleged Cryptocurrency Fraud Involving Mango Markets and Avraham Eisenberg

Image
Source: SomYuZu US prosecutors have pressed criminal charges against a man accused of attempting to steal some $110 million last October by rigging crypto exchange Mango Markets, an entity run by the Mango decentralized autonomous organization (DAO). The individual is suspected of commodities fraud and manipulation.  A complaint signed by an FBI agent and made public in a Manhattan federal court accuses Avraham Eisenberg of performing trades in futures related to Mango's native token MNGO that allowed him to withdraw about $110 million worth of crypto from other investors' deposits without visible intention to repay the funds, Reuters reported.  The man was arrested on December 26 in Puerto Rico, U.S. Attorney Damian Williams said in a court filing. The December 23 complaint said that, last October, Eisenberg on used two accounts to buy and sell futures based on the relative values of MNGO and USD Coin (USDC). By acting on both sides of the trades, Eis...
Read more