REGULATION | Nigeria Continues Crackdown Against Unlicensed Crypto Firms With Latest ~$15,000 Conviction

BitKE · 2026-01-01T23:10:11+00:00

Nigeria's EFCC convicted Plip Global Ventures for unlawfully conducting USDT-to-Naira transactions without a banking license, resulting in a N25 million forfeiture. This ruling underscores the agency's crackdown on unlicensed crypto firms amid recent regulatory changes.

BitKE

2026-01-01 23:10:11

Abstract generation in progress

Nigeria’s Economic and Financial Crimes Commission (EFCC) has secured a conviction against local cryptocurrency company, Plip Global Ventures, for unlawfully conducting USDT-to-Naira transactions without obtaining a banking license.

According to local reports, the conviction was handed down by the Federal High Court, Abuja, after Plip Global Ventures pleaded guilty to the charges, forfeiting N25 million (~$15,000) to the federal government.

During its arraignment on August 18 2024, the company faced charges for failing to report a single transfer of ₦100 million (~$60,000) into its account to the Special Control Unit against Money Laundering (SCUML) of the EFCC, as mandated by Section 11 (1)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022.

Plip Global Ventures was accused of exchanging United States Dollar Tether (USDT) for Naira and carrying out specialized financial operations without a valid license, despite not being an authorized dealer in the Nigeria Autonomous Foreign Exchange Market.

The company’s director pleaded guilty on behalf of the firm, and consequently, the EFCC asked the judge to convict the company according to a plea bargain agreement, a request that was supported by the firm’s legal team.

The ruling is the latest demonstration of the EFCC’s continued legal efforts to clamp down on Nigerian crypto firms engaging in unlicensed USDT-to-Naira transactions.

In October 2024, two crypto firms, Paparaxy Global Ventures Limited and Lemskin Technologies Limited forfeited N160,000,000 (~$97,500) to the federal government after being convicted for providing USDT to Naira exchanges without valid licenses.

Recall that Nigeria’s Securities Exchange Commission recently began issuing operating licenses to companies dealing in digital assets. The commission chief warned that they will be taking action on entities operating outside of its regulatory purview.

“We are certainly going to commence enforcement actions on anyone who wants to operate in this market without the intention of being regulated.

For those that do not want to play by the books, we will not allow them to operate within our space,” Dr. Emomotimi Agama Director-General of SEC Nigeria said at the time.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.