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The Federal High Court in Abuja has convicted Official Gredo Limited, a Nigerian cryptocurrency trading company, for conducting unlicensed USDT to Naira transactions.Justice Inyang Ekwo delivered the verdict on Wednesday, following a guilty plea by Nnamdi Okereke, the company's director.The company was accused of failing to report a single transfer of N76,462,500 to the Nigerian Financial Intelligence Unit, violating the Money Laundering Act.
POLITICS NIGERIA understands that Official Gredo and Okereke were among several firms and individuals indicted by the Economic and Financial Crimes Commission for negotiating USDT against the Naira without authorization.As part of the plea bargain, Okereke admitted to committing the offence and returned N140 million to the EFCC. The court ordered the forfeiture of this amount to the EFCC recovery account and imposed a fine of N1 million on the company.
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