ChainCatcher reports that the Nigerian government has filed criminal charges against four individuals and multiple companies for illegally conducting cryptocurrency transactions, including exchanging USDT for Naira, without a banking license.

The four defendants are Ejiogu A. Chinedu, Nnamdi F. Okereke, Oty Ugochukwu Stanley, and Chukwuebuka F. Ogumba. They are accused of violating the Banking and Other Financial Institutions Act and the Foreign Exchange Act.

This case stems from an investigation by the Economic and Financial Crimes Commission (EFCC) into suspected manipulation of the Naira exchange rate and money laundering through virtual cryptocurrency trading platforms.

Previous news reported that the EFCC had obtained a court order to freeze over $330,000 (5.486 billion Nigerian Naira) in suspicious funds deposited in bank accounts of cryptocurrency users.