300 Plus Accounts Frozen Due To Suspicious FX Transactions.

 On Tuesday, Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC), announced that in addition to Binance and its system, the Commission has uncovered another, more sinister scam.

According to Olukoyede, the EFCC has froze roughly 300 accounts in order to protect the foreign currency market.

The "P to P" peer-to-peer financial trading scheme, as it is commonly known, operates outside of the official banking and financial channels. The Naira's continuous appreciation could face an impending catastrophe.

The Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, on Tuesday, said the Commission has discovered another worse scheme other than crypto trading platform, Binance and its system.

Olukoyede said EFCC has frozen about 300 accounts to ensure the safety of the foreign exchange market.

The scheme popularly called the “P to P” peer- peer financial trading scheme has operated outside the official banking and financial corridors and there was a looming disaster that could further crashed the Naira value that has continued to gain.

He said; “There are people in this country doing worse than Binance.” In violation of banking regulations, he said, almost $15 billion went through one of the sites in the previous year.