The United States and Nigeria have established a Bilateral Liaison Group aimed at tackling illicit finance and cryptocurrency-related crimes. The U.S. Department of State announced this partnership on Wednesday, October 23, highlighting the importance of collaboration in addressing financial crime and cyber threats, particularly concerning the misuse of digital assets.
This initiative is expected to enhance the capabilities of both countries in investigating and prosecuting cybercrimes linked to cryptocurrencies. The U.S. government reiterated its commitment to strengthening Nigeria’s ability to combat these cyber threats, especially as Nigeria has increasingly focused on the misuse of cryptocurrencies for illegal activities. For instance, in August 2023, the Nigerian government reportedly froze over $37 million in cryptocurrency tied to organizers of the #EndBadGovernance protests.
Recently, the Nigerian government has also tried to restrict its citizens’ access to cryptocurrency platforms, citing concerns over their potential use in facilitating untraceable financial transactions. Local authorities have arrested two staff members from Binance, one of the world’s largest cryptocurrency exchanges, as part of a broader crackdown on digital currencies. Notably, the Nigerian government has formally dropped all charges against Tigran Gambaryan, one of the detained staff, who had been on trial for money laundering since April.
Meanwhile, according to a new research report, state securities regulators across North America, especially in the U.S., are dealing with a rise in technology-driven investment fraud, particularly in crypto and social media schemes.
READ MORE: North America Sees Record Surge in Tech-Driven Investment Fraud, Crypto Scams Lead the Charge
The report indicated that in 2023, regulators in the U.S., Canada, and other North American countries initiated 8,768 active investigations, with cryptocurrency and online-based schemes posing the greatest threats to retail investors. Among these, there were 343 new cases focused on cryptocurrency fraud, along with an additional 144 investigations targeting crypto-staking operations. Social media-driven investment scams also saw a notable rise, with 205 new cases reported.
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