The Federal High Court in Abuja has ordered the unfreezing of six bank accounts previously suspected of carrying out illegal cryptocurrency transactions.

Justice Emeka Nwite lifted the freeze on the bank accounts after receiving confirmation from the Economic and Financial Crimes Commission (EFCC) which, during its investigation, found no illegal activity in the funds in the accounts. We are talking about the accounts of Awe Microfinance Bank ($1,345), as well as the companies Olalekan Sibiku Adesugba ($1,931), Ad Ishola Farms ($5,910), H. Ishola Multibiz Int’l ($9,655), Microtech Investment Services ($2,048) and HML Business Ventures ($31,306). The total amount of unfrozen funds will be 89.48 million Nigerian naira (about $52,360).

The accounts of these companies were frozen by the Commission on suspicion of illegal financial activities. The decision to freeze was made due to tightened oversight of the crypto industry in Nigeria. Earlier this year, the EFCC froze 22 bank accounts associated with cryptocurrency exchanges ByBit and KuCoin. The EFCC claims that uncontrolled cryptocurrency trading could destabilize Nigeria’s government currency as crypto platforms allow Nigerian users to conduct illegal currency transactions and launder money.

The commission continues to investigate the remaining accounts. Some of their owners took plea deals, giving up funds to the government.

Recently, the Central Bank of Nigeria (CBN) ordered fintech companies OPay, Palmpay, Moniepoint, Kuda and Paga to stop all transactions related to cryptocurrencies. These companies are required to report suspicious accounts directly to the country’s National Security Advisor.

Last week, Nigeria’s Securities and Exchange Commission (SEC) warned local traders about illegal cryptocurrency exchange Marino FX Ltd falsely claiming to have a license.