Details unveiled by the Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, on Tuesday indicate a new discovery by the Commission that goes beyond the realm of the Binance crypto trading platform and its operations.
Olukoyede revealed that approximately 300 accounts have been frozen by the EFCC to safeguard the foreign exchange market.
Referred to as the “P to P” peer-to-peer financial trading scheme, this initiative has been functioning outside the established banking and financial channels, raising concerns of a potential disaster that could negatively impact the ongoing strengthening of the Naira.
Addressing the situation, Olukoyede noted, “There are individuals within the country engaged in activities more concerning than Binance.”
He further disclosed that one of the platforms had facilitated the passage of over $15 billion in the preceding year, disregarding financial regulations.