A Nigerian high court has authorized the Economic and Financial Crimes Commission (EFCC) to arrest six individuals accused of perpetrating investment fraud at a cryptocurrency exchange. The Federal High Court in Abuja granted the EFCC the power to detain the suspects who promoted the Crypto Bridge Exchange (CBEX) and allegedly defrauded investors of 1 billion naira (approximately $620,000). The suspects were not in custody at the time of the report. The EFCC stated that the defendants used their company, ST Technologies International Limited, to promote CBEX and attract unsuspecting investors to the platform. This legal action is part of Nigeria’s crackdown on crypto exchange representatives in the country, following the detention of two Binance executives in February 2024. Reports emerged in April that CBEX users faced difficulties withdrawing funds, leading to public outrage and real-world violence. Investors stormed CBEX’s local office in Ibadan to recoup their losses. The case against Binance, involving US citizen Tigran Gambaryan, who was detained in Nigeria, faced criticism from the crypto industry and US lawmakers. Gambaryan was held for tax and money laundering charges before being released to US custody. The tax evasion case against Binance in Nigeria continues post-Gambaryan’s release, despite the exchange having no physical presence in the country. Cointelegraph’s attempt to seek comments from Nigeria’s Ministry of Information remained unanswered.