NEWS

Your Crypto Trading Being Used To Fund Terrorism- EFCC Tells Youths

He noted that many individuals trading cryptocurrencies are unaware that their funds are linked to terrorism.

By Nkiruka Aduba

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, stated that some young cryptocurrency traders are unknowingly funding terrorism in Nigeria. Olukoyede made this revelation during a national dialogue on preventing terrorism financing and violent extremism.

He noted that many individuals trading cryptocurrencies are unaware that their funds are linked to terrorism. Additionally, Olukoyede mentioned that some of the 1,146 bank accounts recently frozen by the EFCC were used as channels for financing terrorism.

“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 head of the anti-corruption agency emphasized the importance of utilizing technology to trace funds used for terrorism within the country. Olukoyede shared an anecdote about being informed by a friend in the US Federal Bureau of Investigation (FBI) that technology can be employed to track dollar bills globally.

“It is important for us to adopt the use of technology,” he said.

“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’.”

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