Nigerian Police Arrests Crypto Influencer BLord for Alleged Crypto Fraud and Offenses

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The Nigerian Police Force has arrested Linus Williams, a well-known local crypto celebrity known as BLord, for alleged crypto fraud.

In a Wednesday post on X, Olumuyiwa Adejobi, the Force Public Relations Officer, confirmed the arrest, adding that he is accuded of internet fraud, cryptocurrency fraud, terrorism funding, and violations of the Central Bank of Nigeria (CBN) Act.

The police statement implicates BLord and his associated companies, namely Blord Group, Blord Real Estate Ltd, Blord Jetpaye Limited, and Billpoint Technology.

BLord Becomes Subject of Controversy

BLord, known for his flamboyant lifestyle and prominent role in the cryptocurrency community, has been a subject of controversy.

His companies have faced scrutiny due to their rapid growth and the question of their compliance with Nigeria’s strict regulatory framework.

“The FCID (NPF-NCCC) is currently investigating complaints lodged against Blord Group, Blord Real Estates Ltd, Blord Jetpaye Limited and Billpoint Technology,” Adejobi said.

“We will do due diligence in our investigations. Our cyber space in Nigeria must be safe and secured by all means. We are committed to achieving that.”

BLord’s arrest is just one example of Nigeria’s recent crackdown on cryptocurrency-related offenses.

In February, Nigerian authorities detained two individuals, Tigran Gambaryan and Nadeem Anjarwalla, on charges of money laundering and tax evasion.

The action followed the government’s ban on cryptocurrency channels aimed at curbing currency speculation.

Meanwhile, there is growing recognition of the need to establish a regulatory framework to facilitate the integration of blockchain technology into various sectors of the Nigerian economy.

Just recently, Nigeria’s Minister of Finance and Coordinating Minister of the Economy called upon the newly inaugurated board of the Securities and Exchange Commission (SEC) to address the complexities of regulating cryptocurrencies.

In a statement released during the board’s inauguration in Abuja, Wale Edun emphasized the need for stringent oversight to maintain market integrity in the capital market.

Binance Legal Drama Could Damage Nigeria’s Reputation

Last month, the Blockchain Industry Coordinating Committee of Nigeria (BICCoN) expressed concerns over the ongoing legal disputes between cryptocurrency exchange Binance and the Nigerian government.

BICCoN, which represents the Nigerian blockchain industry, urged a balanced approach to resolving these issues, noting the potential implications for the country’s blockchain ecosystem and international reputation.

The ongoing legal battles and detention of Binance executives have created an atmosphere of uncertainty and risk, potentially deterring potential investors and partners, according to BICCoN President Lucky Uwakwe.

Just recently, US lawmakers French Hill and Chrissy Houlahan made a visit to Kuje Prison in Nigeria, where detained Binance executive Tigran Gambaryan is being held.

Hill described Gambaryan’s wrongful detention in what he called a “horrible prison,” bringing attention to the health concerns Gambaryan is facing while in custody.

On June 14, there was a court ruling that cleared Gambaryan and Anjarwalla of tax evasion charges.

However, despite being cleared of tax evasion charges, the Binance executive still has a separate money laundering case to deal with.

Previously, Binance CEO Richard Teng accused a Nigerian government official of pressuring crypto representatives to accept a secret agreement to settle Nigeria’s claims against the exchange.

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