According to Daily Post, The Economic and Financial Crimes Commission (EFCC) has intensified its efforts to crack down on Binance and other cryptocurrency platforms amidst the recent slight surge of the Dollar against the Naira in the foreign exchange market.
Dele Oyewale, the spokesperson for the EFCC, confirmed the ongoing crackdown, stating that the Commission is taking all necessary lawful measures to ensure stability within the country's forex market.
In recent weeks, the Naira experienced three declines against the Dollar in the foreign exchange market, following a period of sustained appreciation.
Addressing the situation, Oyewale emphasized, "The commission is fully committed to upholding legality in the Nigerian foreign exchange market."
The EFCC recently assumed control of the case involving alleged fraudulent activities linked to Binance, taking over from the office of the National Security Adviser. This action came after two executives of the firm, Nadeem Anjarwalla and Tigran Gambrayan, were held in custody since February 26.
However, Nadeem Anjarwalla managed to escape from custody in Nigeria in March. Despite the escape, the Nigerian government pledged to pursue extradition proceedings against Anjarwalla. Meanwhile, Gambrayan was brought before the court in April on charges of alleged tax evasion.
The government has consistently attributed the rise of the Dollar against the Naira to currency speculators operating on cryptocurrency platforms.