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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 Ventur...

Detained Binance executive Tigran Gambaryan will have to wait to find out if he’s been granted bail by a Nigerian court after the presiding judge chose to attend a legal seminar instead of his scheduled hearing. As reported by local news outlets, Judge Emeka Nwite chose on Wednesday to attend a seminar at the National Judicial Institute instead of the Abuja Federal High Court.   As a result, the Gambaryan’s bail ruling has been rescheduled to take place on Friday. Binance compliance officer Gambaryan has been in prison since February this year and his ruling was deferred by Judge Nwite last month.  Binance exec accused of tax evasion flees Nigeria during mosque visit Read more: ‘This is f*cked up!’ Binance exec claims Nigerian court denied him wheelchair Gambaryan was arrested in February and charged with money laundering alongside fellow Binance exec Nadeem Anjarwalla. However, Anjarwalla fled the country in March, escaping from the guest house in which the pair were sta...