Jai Sahu
The Nigerian Police Force has escalated its efforts against crimes involving cryptocurrencies by detaining well-known crypto figure Linus Williams, who is popularly known as BLord. The arrest was confirmed by the Force Public Relations Officer, Olumuyiwa Adejobi, through a statement issued on July 17.
According to the announcement made on X, BLord was arrested due to accusations of internet fraud, cryptocurrency fraud, funding terrorism, and breaching the Central Bank of Nigeria (CBN) Act.
Intensified Actions Against Cryptocurrency Crimes
The allegations were directed at Williams along with his business ventures: Blord Group, Blord Real Estate Ltd, Blord Jetpaye Limited, and Billpoint Technology.
“Ensuring that Nigeria’s cyberspace is secure remains a key priority for the police,” Adejobi stated, underscoring the law enforcement’s dedication to conducting comprehensive investigations. This arrest marks a continuation of the Nigerian government’s proactive measures to curb the illegal use of cryptocurrencies.
BLord, known for his lavish lifestyle and significant influence in the crypto world, has been a figure of debate. The rapid expansion of his enterprises and their adherence to the strict regulatory norms within Nigeria have come under close watch.
The Call for Clear Regulatory Guidelines
The advent of digital currencies presents considerable challenges for regulatory bodies and law enforcement globally, a situation that is particularly acute in Nigeria. The growing adoption of cryptocurrencies among the Nigerian public has amplified the urgency for explicit regulatory measures.