Linus Williams, known locally as BLord, has been arrested by the Nigerian Police for alleged crypto fraud and other serious charges involving his companies.
In 2021, the Central Bank of Nigeria (CBN) imposed a crypto banking ban and prohibited citizens from trading cryptocurrencies. Despite this, P2P trading methods remained popular. In December 2023, the CBN allowed cryptocurrency trading while maintaining the banking ban measures. Currently, some crypto firms, including Binance, are struggling in the jurisdiction due to sudden actions by Nigerian government agencies against crypto companies.
On 17 July 2024, The Nigerian Police Force officially announced that they arrested Linus Williams, also known as BLord, a well-known figure in the local cryptocurrency scene, for alleged crypto fraud.
In a tweet posted via X (formerly Twitter), the Force Public Relations Officer Olumuyiwa Adejobi confirmed the arrest. BLord faces charges of internet fraud, cryptocurrency fraud, terrorism funding, and violations of the Central Bank of Nigeria (CBN) Act. The police statement also implicated BLord’s associated companies, including Blord Group, Blord Real Estate Ltd, Blord Jetpaye Limited, and Billpoint Technology.
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His companies have faced scrutiny due to their rapid growth under a non-compliance environment against Nigeria’s regulatory framework.
Experts noted that his arrest is part of Nigeria’s broader crackdown on cryptocurrency-related offenses, aimed at addressing concerns such as fraud and terrorism funding.
The Nigerian government’s actions followed the 2021 Central Bank of Nigeria (CBN) ban on crypto banking and trading, which was intended to curb currency speculation.
Despite the Dec 2023 allowance for cryptocurrency trading, the banking ban measures remain, creating big problems for crypto companies like Binance. The current environment for the crypto sector has made it difficult for crypto firms to operate in Nigerian jurisdiction due to sudden regulatory actions by Nigerian government agencies.
Read also: Trump Embraces Crypto: Announces Fourth NFT Collection to Meet High Demand
Nigerian Police Arrest Crypto Celebrity BLord for Alleged Fraud
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