Court Freezes N548.6M of Nigerian Crypto Users on ByBit, KuCoin

Nigeria’s Federal High Court has ordered the freezing of N548.6 million in bank accounts linked to Nigerian users of cryptocurrency platforms, including ByBit and KuCoin, due to allegations that these platforms facilitated naira fluctuations. The order was secured by the Economic and Financial Crimes Commission (EFCC), which claims that these platforms allowed unauthorized currency exchanges and market manipulation, contributing to the devaluation of the naira.

The EFCC argued that these platforms enabled Nigerian users to engage in foreign exchange activities that negatively impacted the naira's value. The investigation is part of a broader crackdown on cryptocurrency exchanges, following similar actions against Binance earlier this year for alleged money laundering and terrorism financing. The frozen funds are part of ongoing efforts to address illegal financial transactions and unauthorized forex dealings involving crypto platforms in Nigeria.