- The effort is spearheaded by the US Department of Justice and anti-financial crimes authorities in Nigeria.
- The Nigerian government has recently clamped down on crypto users and platforms and related financial crimes.
- This development is believed to be a swift effort to enhance the longheld alliance between the two countries after the detention of Tigran Gambaryan, a US citizen and former federal agent, for several months nearly caused diplomatic ripples.
Nigerian and United States authorities have launched a ‘Bilateral Liaison Group on Illicit Finance and Cryptocurrencies’ to fight illicit financial activities and crypto crimes.
The authorities said the bilateral group will enhance both countries’ ability to confront cybercrime and sanitise the crypto space in both countries.
This is coming just after the federal high court in Abuja discharged Binance executive Tigran Gambaryan, who had been detained in Nigeria since February 2024.
In a move it said was meant to sanitise the crypto space in the country and help its currency and economy perform better, the Nigerian government has recently clamped down on crypto users and platforms and related financial crimes.
This August, a federal high court in the country’s capital, Abuja, ordered the freezing of crypto assets worth some $37 million. The assets belonged to a few individuals alleged to have led the #EndBadGovernance protest in major cities across the country.
“The United States works with partners across the globe to promote cyberspace and digital technologies that advance economic prosperity while countering and responding to malicious cyber operations, cybercrime, and other digital harms,” the US Department of Justice posted on its website.
”The United States reaffirms our commitment to a close partnership with Nigeria, and the U.S. Department of Justice is continuing its coordination with the Government of Nigeria to build its capacity to pursue cybercrime investigations and prosecutions. To accelerate that cooperation, the United States and Nigeria are launching a Bilateral Liaison Group on Illicit Finance and Cryptocurrencies.”
This development is believed to be a swift effort to enhance the longheld alliance between the two countries after the detention of Gambaryan, a US citizen and former federal agent, for several months in Nigeria nearly caused diplomatic ripples.
Gambaryan was released on October 23 after the Economic and Financial Crimes Commission (EFCC) dropped charges, which its counsel had argued in favour of for several months. The anti-graft agency asked Justice Emeka Nwite of the federal high court in Abuja to discharge Gambaryan because he was not a senior executive at Binance and, as such, could not be held liable for the crypto exchange's actions.
The EFCC also cited Gambaryan’s worsening health as an additional reason for his release.
Unlicensed USDT-Naira trading: How court convicted Nigerian crypto firm Official Gredo Limited
Meanwhile, TheRadar earlier reported that a federal high court in Nigeria’s capital, Abuja, has convicted an indigenous crypto firm, Official Gredo Limited, for unlicensed USDT-Naira trading.
The court found Official Gredo Limited guilty of illegally conducting transactions in stablecoin USDT and the Nigerian naira without obtaining a valid banking license from Nigerian authorities.
The trial judge, Justice Inyang Ekwo, also ordered the forfeiture of N140 million held in Official Gredo’s bank account to the federal government of Nigeria via the Economic and Financial Crimes Commission’s (EFCC) recovery account. The order was part of a plea bargain the firm reached with the prosecuting agency, the EFCC.
