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Nigerian Authorities Detain Crypto Influencer BLord on Suspicions of Cryptocurrency Fraud and Related Crimes
The Nigerian Police Force has taken into custody Linus Williams, a prominent local figure in the cryptocurrency space known as BLord, on charges of suspected crypto fraud.
In a post on X on Wednesday, Olumuyiwa Adejobi, the Force Public Relations Officer, verified the arrest, stating that he is accused of internet fraud, cryptocurrency fraud, funding terrorism, and breaching the Central Bank of Nigeria (CBN) Act.
The police announcement implicates BLord along with his affiliated companies, which include Blord Group, Blord Real Estate Ltd, Blord Jetpaye Limited, and Billpoint Technology.
BLord Faces Controversy
BLord, recognized for his extravagant lifestyle and significant presence in the cryptocurrency community, has become a figure of controversy.
His businesses have come under examination due to their swift expansion and concerns regarding their adherence to Nigeria’s stringent regulatory standards.
“The FCID (NPF-NCCC) is presently looking into complaints filed against Blord Group, Blord Real Estates Ltd, Blord Jetpaye Limited, and Billpoint Technology,” Adejobi stated.
“We will conduct thorough investigations. Our cyberspace in Nigeria must be secure and protected at all costs. We are dedicated to achieving that.”
ALLEGED FRAUD, VIOLATION OF CBN ACT, POLICE INTERROGATES CEO BLORD GROUP OF COMPANIES, LINUS WILLIAMS
The FCID (NPF-NCCC) is currently investigating complaints lodged against BLORD GROUP, BLORD REAL ESTATE LTD, BLORD JETPAYE LIMITED, and BILLPOINT TECHNOLOGY. These offences… pic.twitter.com/XTQa5SKucT
— Nigeria Police Force (@PoliceNG) July 16, 2024
BLord’s arrest exemplifies Nigeria’s recent efforts to address cryptocurrency-related crimes.
In February, Nigerian authorities apprehended two individuals, Tigran Gambaryan and Nadeem Anjarwalla, on allegations of money laundering and tax evasion.
This action followed the government’s prohibition on cryptocurrency channels aimed at reducing currency speculation.
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At the same time, there is an increasing acknowledgment of the necessity to create a regulatory framework to support the integration of blockchain technology across various sectors of the Nigerian economy.
Recently, Nigeria’s Minister of Finance and Coordinating Minister of the Economy urged the newly appointed board of the Securities and Exchange Commission (SEC) to tackle the complexities associated with regulating cryptocurrencies.
In a statement made during the board’s inauguration in Abuja, Wale Edun highlighted the importance of rigorous oversight to uphold market integrity within the capital market.
Binance Legal Issues May Impact Nigeria’s Standing
Last month, the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) raised concerns regarding the ongoing legal conflicts between cryptocurrency exchange Binance and the Nigerian government.
BICCoN, which advocates for the Nigerian blockchain sector, called for a balanced approach to resolving these matters, pointing out the potential consequences for the nation’s blockchain ecosystem and international standing.
The ongoing legal disputes and the detention of Binance executives have fostered an environment of uncertainty and risk, which could deter prospective investors and partners, according to BICCoN President Lucky Uwakwe.
Recently, US lawmakers French Hill and Chrissy Houlahan visited Kuje Prison in Nigeria, where detained Binance executive Tigran Gambaryan is being held.
Hill characterized Gambaryan’s wrongful detention in what he referred to as a “horrible prison,” drawing attention to the health issues Gambaryan is experiencing while in custody.
On June 14, a court ruling exonerated Gambaryan and Anjarwalla of tax evasion charges.
However, despite being cleared of tax evasion allegations, the Binance executive still faces a separate money laundering case.
Previously, Binance CEO Richard Teng accused a Nigerian government official of pressuring crypto representatives to accept a covert agreement to resolve Nigeria’s claims against the exchange.
The post Nigerian Police Arrests Crypto Influencer BLord for Alleged Crypto Fraud and Offenses appeared first on Cryptonews.
