Nigeria has reinforced its crackdown on illegal cryptocurrency activities, arresting 792 individuals suspected of involvement in scams. Authorities conducted a raid on a facility in Lagos, where these incidents allegedly occurred.

The criminals targeted victims, mainly from America and Europe, using deceptive romantic advances to solicit funds for fictitious investments in cryptocurrencies.

Key Points:

• The operation led to the detention of individuals from various nationalities, including Chinese and Filipino suspects.
• Wilson Uwujaren, spokesperson for the Economic and Financial Crimes Commission, stated, "Once the Nigerians are able to win the confidence of would-be victims, the foreigners would take over the actual task of defrauding the victims."

Overall, Nigeria's firm approach to combatting cryptocurrency scams has included shutting down several exchange operations within its borders. Additionally, there has been ongoing legal litigation involving Binance and its leadership concerning money laundering and tax issues.

For more details, read the full article on CoinDesk.