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Police Officers, Banks Run Over Crypto Traders In Nigeria

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The Nigerian police force have started searching young men and their gadgets on the roads of major cities, while banks continue to run over crypto traders too. The police claim to be probing citizens, especially young men in a bid to curb money laundering in the country.

As reported by FIJ, police officers from Ajiwe Police Station in Ajah, Lagos, have arrested a development Engineer, Toluwaleke Ariyo and three others, extorted money from them without stating any particular crime they have committed

These young men were in a Bolt car at about 9 pm in the VGC area of Lagos State when they encountered the policemen and we’re asked to be searched which they comply to do because it was late.

Read Also: Again, CBN Closes Accounts of Nigeria Crypto/Blockchain Company Cryset, 7 Others Over Crypto Trading.

They were asked by the policemen to come to the station after a little search. At the station, their phones were collected and checked, one of them had a Binance app on his phone which the policemen checked and discovered $250.

“The police officers said Binance is used for money laundering and concluded my friend was a thief. Then they asked us to write a statement or negotiate our way out of their web, “Ariyo stated.

To avoid a similar situation from happening, several Crypto communities on WhatsApp have changed their names, removing anything about cryptocurrencies from the group inscription.

Nigerian Banks Join The Saga

Nigerian banks are also shooting down customers account and sending a warning to customers for involving their a cont with the crypto transaction. 

This is not new as several red flags had been released sequel to the memoir by the CBN in February asking banks to deactivate accounts relating to crypto operations.

 In response to this memoir, if an account holder is actively using his or her account for cryptocurrencies transactions, the bank would freeze it.

Red flags such as “Account receiving high daily inflow from a high number of multiple payees from all over the country, the account receives significant inflow and within the same period (daily or weekly) this is followed by outflow to multiple beneficiaries.”

These occurrences have caused a young crypto trader to allegedly indicate that he will commit suicide after his account was blocked by the bank.

The police station has been contacted according to FIJ and we wait in anticipation If there would be a statement from the station.

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Data Scientist, Tech Enthusiast and a Crypto Lover