Nigeria collects nearly $100,000 from two unlicensed crypto companies

ChainCatcher news, the Nigerian government has collected nearly $100,000 (approximately 160 million Naira) from two cryptocurrency companies accused of unauthorized exchanging of USDT and Naira. The two companies are Paparaxy Global Ventures Limited and Lemskin Technologies Limited, which have been charged with violating the law for not holding valid banking licenses.

According to Nairametrics, the two companies reached a plea agreement with the Economic and Financial Crimes Commission (EFCC) of Nigeria, and the case was heard on October 22.

Additionally, Nigerian authorities are freezing bank accounts related to unlicensed cryptocurrency traders to strengthen regulatory measures.