Cryptocurrency trading company Official Gredo Limited has been found guilty in a Nigerian court of illegally conducting Tether (USDT) naira transactions without a banking license, Nairametrics reports.
On Wednesday, the court heard charges that Guledo officials failed to report a transfer of 76.5 million naira ($46,000) to the Nigerian Financial Intelligence Service, in violation of Nigeria’s money laundering laws.
Nnamdi Okereke, director of a virtual currency company, has pleaded guilty to one count of money laundering.
Read more: FBI details how to launder USDT through Binance
As part of their plea deal with the Economic and Financial Crimes Commission (EFCC), officials Guledo and Okereke will pay compensation of 140 million naira ($85,000) and a fine of 1 million naira ($610). I plan to pay.
The cryptocurrency trading firm is just one of several companies recently indicted by the EFCC for illegal USDT and Naira trading. According to the Nigerian Political Magazine. Recently, Paparaxy Global Ventures and Lemskin Technologies were ordered to pay NOK 160 million ($97,000) for similar crimes.
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