Nigeria’s crypto traders risk arrest and scams to bypass ban


Traders and crypto experts say the ban has only pushed the industry underground, with Nigerians trading between themselves using mobile messaging apps and established but unregulated platforms like Binance and Paxful, opening them up to high fees and scams. — AFP

ILORIN, Nigeria: Adebayo Sulaimon was just getting ready for the day when officers from the Nigerian Police Force raided the 23-year-old graduate’s compound in the southwestern town of Ilorin to arrest him and his roommate.

Sulaimon’s crime, police told him as they took him away that October morning, was trading cryptocurrency, something he had started doing a month before the Central Bank of Nigeria (CBN) stepped up its efforts to ban the practice in February.

Subscribe or renew your subscriptions to win prizes worth up to RM68,000!

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Tech News

The sky's the limit for Bluesky
Two decades of Nintendo's top-selling DS console
ChatGPT's Advanced Voice Mode is coming to web browsers
Elon Musk blasts Australia's planned ban on social media for children
Bitcoin's wild ride toward $100,000
OpenAI considers taking on Google with browser, the Information reports
One tech tip: How to get started with Bluesky
FCC proposes fining Chinese video doorbell manufacturer after security concerns raised
Snap seeks to dismiss New Mexico lawsuit over child safety
Crypto industry jockeys for seats at Trump's promised council

Others Also Read