US, Nigeria launch bilateral group to tackle cryptocurrency crimes

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To bolster cybersecurity and countering illicit financial activities, the United States of America and Nigeria have established a Bilateral Liaison Group on Illicit Finance and Cryptocurrencies.

This joint initiative is designed to enhance both nations’ capacity to combat cybercrimes, particularly focusing on the growing misuse of cryptocurrencies for illegal transactions.

The US Department of State announced this on Wednesday via its website, reaffirming its commitment to collaborating with Nigeria on critical issues of financial crime and cyber security.

The partnership aims to address malicious cyber operations and digital threats that have increasingly disrupted global economic activities.

“The United States works with partners across the globe to promote cyberspace and digital technologies that advance economic prosperity while countering and responding to malicious cyber operations, cybercrime, and other digital harms.”

“The United States reaffirms our commitment to a close partnership with Nigeria, and the U.S. Department of Justice is continuing its coordination with the Government of Nigeria to build its capacity to pursue cybercrime investigations and prosecutions.” the statement read.

The Nigerian government has in recent time cracked down on the use of crypto arguing it makes it possible for money to flow in from untraceable sources and it weakens the naira.

In August, the Nigerian government froze more than $37 million worth of cryptocurrency held in wallets believed to be owned by some organisers of #EndBadGovernance protests following an order by the Federal High Court in Abuja.

The country has also restricted its citizens from accessing cryptocurrency websites and trading platforms, following the arrest of staff members from Binance, one of the world’s largest cryptocurrency companies.