A Nigerian high court has authorized the arrest of six individuals suspected of running a fraudulent cryptocurrency platform that allegedly swindled investors out of 1 billion naira (about $620,000), according to a report from The Cable on April 24. The Federal High Court in Abuja granted permission for the Economic and Financial Crimes Commission (EFCC) to detain the suspects who promoted and solicited investments through their company, ST Technologies International Limited, on behalf of Crypto Bridge Exchange (CBEX). Notably, these individuals haven’t been taken into custody yet. This case joins a growing list of actions by Nigerian authorities targeting crypto exchanges and their representatives. In February, Nigerian officials detained two Binance executives visiting the country to discuss the company’s operations. Frustration with CBEX erupted earlier this month when users reported being unable to withdraw funds. These challenges led to protests as investors stormed the company’s local office in Ibadan, seeking to recover losses and seizing equipment. Meanwhile, Nigeria’s legal battle against Binance continues. Tigran Gambaryan, a U.S. citizen and former Binance executive, spent eight months in Nigerian custody on tax evasion and money laundering charges before being released to U.S. authorities. Binance’s legal representative argued that the FIRS improperly served court documents via email, arguing their presence in Nigeria is minimal. This move by authorities came after Binance was accused of fueling a currency crisis in Nigeria, with officials linking the exchange to volatility in the local naira. The Nigerian Federal Inland Revenue Service (FIRS) initially filed suit in February, claiming Binance owed $2 billion in back taxes and should be liable for $79.5 billion in damages, alleging that the exchange’s operations destabilized the naira and harmed the local economy. The FIRS is seeking penalties and interest totaling nearly 37% annually on unpaid tax liabilities.