Cryptocurrency

EFCC Warns Nigerians Against Bitcoin and Forex Trading Investment

EFCC Warns Nigerians Against Bitcoin and Forex Trading Investment

EFCC Warns Nigerians Against Bitcoin and Forex Trading Investment

  • The EFCC has issued a warning to Nigerians regarding investments in Bitcoin and foreign exchange trading

  • The anti-crime organization disclosed that it was alarmed with the rate at which Nigerians report scam incidents involving cryptocurrency

  • Although the organization will continue to investigate the said crimes, people have been urged to stay away from such investments

The Economic and Financial Crimes Commission (EFCC) has warned Nigerians against investing in unrealistic opportunities.

The organization urged Nigerians to not invest in Bitcoin because of the high risk involved, also stating that cryptocurrencies are unregulated and prone to fraud.

Apart from BTC, the anti-fraud organization also urged Nigerians to stay away from Ponzi schemes and forex trading.

While speaking in Abuja on Monday, EFCC spokesman, Wilson Uwujaren claimed that they have been numerous reports above scam investments that promised high returns but failed.

The EFCC added that such risky investments are worsening the economic troubles of the country.

Mr. Wilson Uwujaren believes that such investments have thrived in Nigeria despite interventions and public enlightenment.

In other news: Tesla sells 10% of its BTC holdings

The EFCC’s warning follows criticism from Apex bank, CBN of cryptocurrencies.

Bitcoin

The CBN issued a ban on bitcoin and other cryptocurrencies in February 2021.

This prevents financial and non-financial institutions from carrying out transaction orders involving crypto.

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