Crypto firms refund ₦160 million to FG after indictment for unlicensed USDT-Naira trading
- Federal Government recovers ₦160 million from Paparaxy Global Ventures Limited and Lemskin Technologies Limited.
- Companies charged for conducting financial services without proper licensing.
- Paparaxy refunded ₦140 million and Lemskin refunded ₦20 million as part of plea bargain.
The recovery of funds from unlicensed cryptocurrency firms reflects a proactive approach by the Nigerian government to regulate the digital currency market. However, the effectiveness of these regulations will depend on their implementation and the ongoing commitment to combat financial crimes in the rapidly evolving crypto landscape.
