Report: Nigerian Trio Allegedly Uses Money Laundering Proceeds to Buy Bitcoin...
Three Nigerian nationals are accused of using money laundering proceeds to buy bitcoin worth over $43 million from cryptocurrency exchange platforms like Binance and Busha. The trio is accused of moving an equivalent of over $215 million from Nigeria to Kenya between October and November 2020. Powerful Kenyan Politician Assists the Alleged Money Launderers The global law enforcement agency, Interpol is seeking to conclude a case in which three Nigerian nationals are alleged to have used money laundering proceeds to buy bitcoins worth over $43 million, a report has said. Three....
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A Kenyan agency charged with tracing and freezing proceeds of crime said it recently obtained an order giving it the authority to freeze bank accounts belonging to Nigerian fintech Flutterwave. The agency alleges that Flutterwave is not providing merchant services as per claims, but is instead involved in money laundering activities.
Deliberate Attempt to Obscure Movement of Funds
Kenya’s Asset Recovery Agency (ARA) recently received an order from the High Court to freeze bank accounts holding nearly $60 million which the agency believes to be laundered money, a report....
In a recent development, Richard Teng, the CEO of Binance, has confirmed the company’s close cooperation with Nigerian authorities following the detention of its head of financial crime compliance, Tigran Gambaryan. Gambaryan and another Binance official are facing accusations of laundering over $35 million. According to a Reuters report, the Nigerian court has adjourned the […]
Major crypto exchange Binance replied to a report published by media outlet Reuters. The controversial report claims Binance has been key to allegedly support illicit activity around the world, failed to provide assistance to authorities to prevent money laundering cases, and failed at imposing a robust Know Your Customer (KYC) policy. Related Reading | U.S. Links […]
Years after his initial arrest, Vinnik has finally been sentenced. After years of extradition debates, Bitcoin (BTC) launderer Alexander Vinnik has finally been sentenced by a French court.According to a Dec. 7 report by Novaya Gazeta, Vinnik has been sentenced to five years in prison for "money laundering as part of an organized criminal group and providing false information about the origin of the proceeds" in addition to a fine of 100,000 euro ($121,000).According to the BBC, the court partially dropped charges related to the ransomware known as Locky. At publishing time, online reports....
Nigerian artists are now increasing their net worth by leveraging the art world’s lucrative pivot to non-fungible tokens (NFT). According to reports, this move to NFTs is happening despite the Nigerian central bank’s renewed anti-crypto stance. NFT Bubble Concerns As a recent CNN report explains, growing interest in NFTs from Nigerian artists comes alongside warnings of a potential downturn in sales. For instance, Bitcoin.com News has already reported that NFTs sales plummeted by 90% since the market’s record sales on May 3. The same report also revealed that the number....