NGO UGRF calls on Nigerian central bank to regulate online business groups to prevent cryptocurrency fraud

On April 15, the NGO UGRF called on the Central Bank of Nigeria to introduce measures and guidelines to regulate online business groups operating in Nigeria to prevent them from defrauding Nigerians to earn money through bitcoin and cryptocurrencies. UGRF has petitioned the Nigerian Central Bank, the Economic and Financial Crimes Commission and the Ministry of Foreign Affairs, accusing the Nigerian online business group Paxful of alleged deception. Paxful denied the media's report about its fraudulent Nigerians. Remarks: Paxful Incorporated is accused of fraudulating millions of dollars earned by thousands of Nigerians online through digital currency transactions. The Estonian-based company allegedly suspended its Nigerian user accounts and refused to allow them to access millions of dollars in their online wallet. The company denied allegedly arbitrarily closing accounts and wallets and claimed that only accounts that violated the service rules were deactivated.