The Federal High Court in Abuja has convicted Official Gredo Limited, a Nigerian cryptocurrency trading company, for conducting unauthorized USDT-to-Naira exchanges.
Justice Inyang Ekwo delivered the ruling on Wednesday after Nnamdi Okereke, the company’s director, pleaded guilty.
The firm was charged with failing to report a single transfer of N76,462,500 to the Nigerian Financial Intelligence Unit, in violation of the Money Laundering Act.
Official Gredo and Okereke were among several entities indicted by the Economic and Financial Crimes Commission (EFCC) for trading USDT against the Naira without proper authorization.
As part of a plea deal, Okereke admitted to the offense and agreed to return N140 million to the EFCC.
The court ordered this amount forfeited to the EFCC’s recovery account and imposed a fine of N1 million on the company.
This ruling is part of the EFCC’s ongoing investigation into cryptocurrency exchange platforms suspected of manipulating the Naira’s value and laundering illicit funds.
Recently, two other crypto firms, Paparaxy Global Ventures Limited and Lemskin Technologies Limited, refunded N160 million to the federal government after facing similar charges for unlicensed transactions.
