Cryptocurrency trading firm Official Gredo Limited has recently been found guilty in a Nigerian court for engaging in illegal tether (USDT)-Naira trades without possessing a proper banking license, as reported by Nairametrics.
The court proceedings revealed that Official Gredo failed to disclose a transfer of N76.5 million ($46,000) to the Nigerian Financial Intelligence Unit, which is a violation of Nigeria’s Money Laundering Act.
The director of the crypto firm, Nnamdi Okereke, admitted to one count of money laundering during the trial.
For more information, the FBI has outlined how USDT is being laundered through Binance.
Under a plea agreement with the Economic and Financial Crimes Commission (EFCC), Official Gredo and Okereke have agreed to pay N140 million ($85,000) in restitution and a fine of N1 million ($610).
Official Gredo is just one of the many crypto trading firms that have recently faced charges from the EFCC for engaging in unauthorized USDT-Naira transactions. Politics Nigeria reports that Paparaxy Global Ventures and Lemskin Technologies were also instructed to pay N160 million ($97,000) for similar offenses.