The Nigeria Police Force has ramped up its efforts against cryptocurrency-related crimes, recently arresting Linus Williams, also known as BLord. The Force Public Relations Officer, Olumuyiwa Adejobi, confirmed the arrest on July 17 in a statement released on social media platform X.
According to the statement, BLord was arrested for alleged internet fraud, cryptocurrency fraud, funding terrorism, and breaking the Central Bank of Nigeria (CBN) Act.
Crackdown on Crypto Crime
The complaints targeted Williams and his companies: Blord Group, Blord Real Estate Ltd, Blord Jetpaye Limited, and Billpoint Technology. Adejobi highlighted the police’s dedication to thorough investigations to keep Nigeria’s cyberspace safe. This arrest is part of the ongoing efforts by Nigerian authorities to curb the illegal use of cryptocurrency.
ALLEGED FRAUD, VIOLATION OF CBN ACT, POLICE INTERROGATES CEO BLORD GROUP OF COMPANIES, LINUS WILLIAMS
The FCID (NPF-NCCC) is currently investigating complaints lodged against BLORD GROUP, BLORD REAL ESTATE LTD, BLORD JETPAYE LIMITED, and BILLPOINT TECHNOLOGY. These offences… pic.twitter.com/XTQa5SKucT
— Nigeria Police Force (@PoliceNG) July 16, 2024
BLord is known for his lavish lifestyle and prominent role in the crypto world, which has brought his companies under scrutiny. Their rapid growth and legal standing within Nigeria’s strict regulations have raised questions.
Need for a Regulatory Framework
The rise of digital currencies has created significant challenges for regulators and law enforcement worldwide, especially in Nigeria, where cryptocurrencies are increasing amid a lack of clear regulations. The Nigerian government has been working to regulate the crypto sector, with the CBN previously instructing financial institutions to stop cryptocurrency transactions. Despite these efforts, the allure of anonymity and high returns has kept digital currencies popular.
This arrest is just one of many recent actions by Nigeria against cryptocurrency offenses. In February, authorities detained Tigran Gambaryan and Nadeem Anjarwalla for alleged money laundering and tax evasion following the government’s ban on cryptocurrency channels to curb currency speculation.
There’s a growing emphasis on establishing a regulatory framework to speed up the integration of blockchain technology into various economic sectors. The Nigerian Securities and Exchange Commission has recently mandated that virtual asset service providers have a physical presence in Nigeria to participate in its regulatory framework.
