A Nigerian high court has authorized the Economic and Financial Crimes Commission (EFCC) to arrest six individuals linked to investment fraud at a cryptocurrency exchange. The suspects allegedly defrauded investors of 1 billion naira through the promotion of Crypto Bridge Exchange (CBEX). Despite the court approval, the suspects had not been apprehended at the time of reporting. This legal action is part of Nigeria's efforts to combat fraudulent activities in the crypto space, following previous arrests of Binance executives. The country's ongoing tax evasion case against Binance, even though the exchange has no physical presence in Nigeria, highlights the government's commitment to regulating the crypto industry. The article also mentions incidents of violence by disgruntled CBEX users unable to withdraw their funds. The crackdown on crypto fraud in Nigeria underscores the importance of regulatory oversight in the digital asset sector. Read more AI-generated news on: https://app.chaingpt.org/news