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Home Business & Finance

EFCC Investigates ByBit, KuCoin for Crypto Market Manipulation

Nnaemeka OkwarabyNnaemeka Okwara
September 11, 2024
in Business & Finance
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EFCC Investigates ByBit, KuCoin for Crypto Market Manipulation
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The Economic and Financial Crimes Commission (EFCC) has expanded its investigations into cryptocurrency platforms to include ByBit and KuCoin, alongside certain unnamed entities also included in the indictment. The prosecutors claim in their indictments that these platforms made it possible for Nigerian users to manipulate the market, leading to distortions and a decline in the naira against other currencies.

Nairametrics had exclusive access to an affidavit where EFCC’s investigator, Okoro Philip, said that Nigeria had made significant strides in stabilizing its currency lately, with the dollar trading at N980=$1 on the black market. However, those gains vanished quickly on April 18, 2024, when the dollar rose to N1,250=$1 on the parallel market.

According to the EFCC’s investigation, allegations against these cryptocurrency platforms indicate that Nigerian users were facilitated in “price discovery, confirmation, and market manipulation,” which contributed to distortions in market forces, thereby causing the naira to lose its value over time.

The commission has spelled out its extended indictment against potential dangers to economic stability in Nigeria and threats posed to the naira’s value in return.

Tags: ByBitCryptoEfccEFCC Investigates ByBitfederal characterFinanceKuCoinKuCoin for Crypto Market ManipulationmarketNews
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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