Nigerian Police Arrest BLord for Alleged Crypto Fraud
Linus Williams, who is the most respected and popular local crypto celebrity with the nickname BLord, has been arrested by the Nigerian Police Force for an alleged crypto fraud, as alleged by the law. Olumuyiwa Adejobi, the Force Public Relations Police Officer, on Wednesday, confirmed the arrest, saying that Williams was alleged to have committed internet fraud, cryptocurrency fraud, terrorism funding, as well as violations of the Central Bank of Nigeria (CBN) Act.
Charges and Associated Companies
The focus of the investigation is on BLord and the companies that are related to him—namely Blord Group, Blord Real Estate Ltd, Blord Jetpaye Limited, and Billpoint Technology. One of the crucial components of the investigation was the Federal Criminal Investigation Department of the Nigerian Police Force’s Cyber Crime Center (FCID-NPF-NCCC) making significant contributions. said by Adejobi during the conversation.
BLord Becomes Subject of Controversy
BLord is a person who has been at the center of controversies many times because of his flamboyant lifestyle and the fact that he is a significant figure in the field of cryptocurrencies. His companies are being checked by the concerned authorities on the charges of their sudden emergence and for not abiding by the strict Nigeria’s regulatory policy.
The force of the Nigerian Police is immediately activated to tackle the challenges of cyber fraud and other related cybercrimes. Adejobi added: “We will do thorough investigations. Our cyber space in Nigeria must be safe and secured by all means. We are committed to achieving that.”
Nigeria’s Crackdown on Crypto Offenses
BLord’s arrest is part of Nigeria’s general operation to remove cryptocurrency-related crimes. In February, the government did, however, arrest two suspects, Tigran Gambaryan and Nadeem Anjarwalla, on charges of illegal money laundering and tax evasion subsequent to the banning of cryptocurrency channels by the government, as a measure to avoid the erosion of the value of the currency in the illegal market.
Growing Need for Regulatory Framework
There is a growing consensus on the fact that establishing a working regulatory environment would be much better for the integration of blockchain technology in the Nigerian economy. Lately the Minister of Finance and Coordinating Minister of the Economy of Nigeria have called the board of the Securities and Exchange Commission (SEC) to deal with the intricacies of regulating cryptocurrencies.
Wale Edun in a statement during the board’s inauguration in Abuja underscored the importance of a strong supervising entity in the market to prevent malpractices from occurring.
Binance Legal Drama and Its Implications
One month ago, the Nigerian Blockchain Industry Coordinating Committee (BICCoN) questioned the ongoing legal disputes involving the cryptocurrency exchange Binance and the Nigerian government. BICCoN was of the opinion that a balanced approach be employed in resolving these issues as they could have far-reaching effects on the country’s blockchain ecosystem and its international standing.
The detention of Binance executives, including Tigran Gambaryan, has shaken the atmosphere with uncertainty and risk, thus potentially pushing away the potential investors and partners. Recently, US lawmakers visited Kuje Prison in Nigeria, the place where Gambaryan is held. Through the visit, they were able to draw attention to his health issues while in custody.
Even after a court order cleared Gambaryan and Anjarwalla of tax evasion charges on June 14, Gambaryan still faces a separate money laundering case.
Formerly, Binance CEO Richard Teng denounced a Nigerian government official by saying that he forced representatives of the crypto community to sign a contract secretly with a settling company in order to satisfy Nigeria’s claims against the exchange.
