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Message: <blockquote data-quote="Naijablog" data-source="post: 1131" data-attributes="member: 46">Abdulrasheed Bawa, chairman of the Economic and Financial Crimes Commission (EFCC), says the commission has recovered $20million worth of cryptocurrency from cybercriminals.<img src="https://i0.wp.com/instablog9ja.com/wp-content/uploads/2021/06/instablog9ja_20210615_31.jpg?resize=300%2C300&ssl=1" alt="" class="fr-fic fr-dii fr-draggable " style="" />Speaking during an interview with Channels Television on Tuesday, June 15, Bewa said the commission sees cryptocurrency as an “avenue where criminals launder proceeds of crime”.The Central Bank of Nigeria (CBN) had issued a directive that banks should close accounts of persons or entities involved in cryptocurrency transactions within their systems.“As it is today, there is nowhere in the world where cryptocurrency is being regulated. The EFCC is looking at cryptocurrency as an avenue where people are laundering their proceeds of crime.We have seen again and again how cybercriminals are using it as an avenue to get their proceeds of crime. Before, it used to be through money transfer agencies like Money Gram and Western Union. Now they have gone E.They will defraud somebody and get gift cards, and exchange in dark webs, and use the proceeds to buy crypto.  And then of course get it into their e-wallets and they can sell and get their money.As it is now today, we have about $20 million worth of cryptocurrency because we also created our own crypto wallet to recover cryptocurrency. We are now recovering the proceeds of crime.We are in support of what the CBN has done because it has reduced the ease for which these criminals can get cryptocurrency and get naira for it. I believe we will not be left behind when it comes to ensuring that laws and regulations are put in place to checkmate the excesses of cryptocurrency,” he said.<h4></h4></blockquote>

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