Source: Cointelegraph
Original: “Report: Nigerian Court Approves Arrest of 6 CBEX Promoters”

According to reports, the High Court of Nigeria has authorized the Economic and Financial Crimes Commission (EFCC) to arrest six individuals suspected of investment fraud at a cryptocurrency exchange.

As reported by Nigerian news outlet The Cable on April 24, the Federal High Court in Abuja approved the arrest and detention of six individuals promoting the Crypto Bridge Exchange (CBEX), who are accused of defrauding investors of 1 billion naira (approximately $620,000). As of the time of publication, these suspects appear to have not yet been arrested.

Reports indicate that the EFCC stated in the arrest motion: "[The defendants used] their company ST Technologies International Limited to promote another company, Crypto Bridge Exchange, by publishing advertisements to induce unsuspecting members of the public to invest in cryptocurrency on the CBEX platform."

This legal case marks another crackdown by Nigeria on representatives of cryptocurrency exchanges in the country. In February 2024, Nigerian authorities detained and arrested two Binance executives who visited to discuss exchange operations.

In April, many CBEX users began reporting an inability to withdraw funds from the exchange, leading to online outrage and resulting in real-world violent incidents. A group of investors stormed CBEX's local office in Ibadan, stealing items such as air conditioners in an apparent attempt to recover some losses.

In the lawsuit against Binance in Nigeria, American citizen Tigran Gambaryan was detained, and reports indicate that his health deteriorated in prison, prompting criticism from the crypto industry and U.S. lawmakers. He was held for 8 months on charges of tax evasion and money laundering before being handed over to U.S. regulators.

Although Binance does not have an office in Nigeria, the tax evasion case against the exchange continues to progress following Gambaryan's release. Cointelegraph reached out to representatives of Nigeria's Ministry of Information for comment but had not received a response by the time of publication.

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