Cryptocurrency trading firm Official Gredo Limited has been convicted in a Nigerian court of illegally conducting tether (USDT)-Naira trades without a banking license, reports Nairametrics.
On Wednesday, the court heard accusations that Official Gredo failed to report a N76.5 million ($46,000) transfer to the Nigerian Financial Intelligence Unit, in violation of Nigeria’s Money Laundering Act.
The crypto firm’s director, Nnamdi Okereke, pleaded guilty to one count of money laundering.
Read more: FBI details how USDT is laundered through Binance
As part of a plea bargain with the Economic and Financial Crimes Commission (EFCC), Official Gredo and Okereke will cough up N140 million ($85,000) in restitution and pay a N1 million ($610) fine.
The crypto trading firm is just one of several recently indicted by the EFCC for illegal USDT-Naira trades, according to Politics Nigeria. Recently, Paparaxy Global Ventures and Lemskin Technologies were ordered to pay N160 million ($97,000) for similar crimes.
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Source: https://protos.com/crypto-firm-convicted-for-usdt-naira-trading-ordered-to-pay-86k/