EFCC Warns Nigerian Youth: Crypto Trading is Used to Fund Terrorism

Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has said some youths trading in cryptocurrencies are unaware that they are being used to fund terrorism in Nigeria.

Olukoyede disclosed this on Wednesday during a multi-stakeholders’ national dialogue on preventing terrorism financing and violent extremism.

The EFCC boss said some of the people who receive money to trade in cryptocurrencies do not know that their financiers are sponsors of terrorism.

The EFCC boss said some of the people who receive money to trade in cryptocurrencies do not know that their financiers are sponsors of terrorism.

He added that some of the 1,146 bank accounts recently frozen by the anti-graft agency were channels for terrorism funding.

“Some of you are aware of our activities in the area of investigating virtual currency trading and the likes of cryptocurrencies,” Olukoyede said.

“They are potential platforms to fund terrorism. A lot of us don’t understand that. Some of our discoveries during investigation of some of these platforms were mind boggling.

“We thought Binance was a major one. Yes, it was. We are prosecuting them. But there are other platforms we have discovered.

“They used some of these young men. Some of them don’t know that the people who gave them money to trade are people who fund terrorism.”

The anti-graft agency chief also noted that there is a need to adopt technology in tracking money used to fund terrorism in the country.

Olukoyede narrated how he was informed by a friend in the US Federal Bureau of Investigation (FBI) that dollar bills across the world can be tracked with technology.

“I was comparing notes with an assistant director in the FBI — a friend of mine. He said: ‘My brother, from our systems in the US, we can track every printed dollar anywhere in the world’.”