The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, raised concerns about the increasing cases of cryptocurrency fraud, emphasizing the need for regulation in the sector.
Warning about Fraud
Olukoyede stressed that the line between legitimate cryptocurrency users and fraudsters is dangerously thin. These remarks were made at a meeting with stakeholders from the Blockchain Technology Association of Nigeria (SIBAN) at the EFCC headquarters in Abuja.
Call for Regulation
The EFCC Chairman called for stricter regulation in Nigeria's growing crypto sector, indicating that without proper oversight even genuine actors might face serious problems. He pointed out that the lack of regulation poses risks of money laundering and terrorist financing.
Collaboration with SIBAN
SIBAN presented a draft code of ethics for crypto practitioners during the meeting. SIBAN President Obinna Iwuno emphasized the need for collaboration with EFCC to enhance anti-fraud campaigns and implement safety standards for cryptocurrency users.
The situation regarding fraud in the cryptocurrency sphere raises serious concerns, making regulation increasingly urgent. Effective collaboration between regulators and industry organizations can help protect legitimate user interests while fostering innovation.
