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Terrorists Utilize Binance, Other Crypto Platforms for Financing – EFCC |
Ola Olukoyede, the EFCC chairman, disclosed this in Abuja, noting that individuals who engage in cryptocurrency trading may be unaware that their financial backers are actually terrorism sponsors.
The Economic and Financial Crimes Commission (EFCC) has reported that terrorists are utilizing Binance along with other cryptocurrency platforms unsuspectingly to finance their destructive activities within the country.
Ola Olukoyede, the EFCC chairman, disclosed this in Abuja, noting that individuals who engage in cryptocurrency trading may be unaware that their financial backers are actually terrorism sponsors.
He delivered these remarks at an event named ‘Multi-stakeholders’ national dialogue on preventing terrorism financing and violent extremism’, which was held by various civil society groups.
These groups include CISLAC/TI-Nigeria, the Inter Governmental Action Group against Money Laundering in West Africa (GIABA), and the Economic Community for West African States (ECOWAS).
Olukoyede pointed out that among the 1,146 bank accounts the agency recently froze, some were identified as channels for terrorism financing.
He remarked, “Many are cognizant of our efforts in probing virtual currency trading and similar activities involving cryptocurrencies.
“These platforms are potential avenues for terrorism financing, which is not widely recognized. Our investigations have unveiled astonishing findings.
Binance was presumed a significant platform, and indeed it was. We are currently prosecuting them. However, our investigations have led to the discovery of other platforms as well. Unbeknownst to some traders, the capital they received for trading was provided by terrorism financiers.”
The chairman of the EFCC emphasized the necessity of implementing technology to monitor funds associated with terrorism within the country.
Olukoyede shared insights from a colleague at the US Federal Bureau of Investigation about the global capability to track dollar bills using technology.
He concluded by stressing that Nigeria must advance to a point where such technological measures are employed to trace naira notes linked to terrorism financing.
