Terrorists Exploit Young Nigerian Crypto Traders, EFCC Warns

According to Ola Olukoyede, the chairman of Nigeria’s Economic and Financial Crimes Commission (EFCC), terrorists are tricking young Nigerian crypto traders into unknowingly funding their fraudulent activities.

When speaking at an event organized by civil society groups in Abuja, Olukoyede revealed how certain cryptocurrency merchants are funding terrorism. At the “National Dialogue on Preventing Terrorism Financing and Extremism,” he clarified that people who were paid for trading cryptocurrencies did not know that the people funding them were supporting terrorists.

Earlier this month, a number of bank accounts were frozen as part of investigations into some 1,146 used to fund terrorism according to Olukoyede

He pointed out Binance among other platforms being probed saying, stating, “We are prosecuting them. But there are other platforms we have discovered. They used some of these young men. Some of them don’t know that the people who gave them money to trade are people who fund terrorism.”

In order to track money used for terrorism, the EFCC chairman underlined the importance of cutting-edge technology. Furthermore, he recounted his conversation with an FBI officer who told him they could trace all US Dollars ever printed using advanced technology.

Olukoyede further stressed that Nigeria can only succeed if it follows just successful policies like its collective resolve to tackle corruption head-on which will result in economic prosperity.