Plaude Technologies Limited has disputed claims regarding a $13.07 million currency transaction, insisting that banking disruptions, rather than any intention to default, prevented it from completing the deal after it had already transferred about $8.95 million.
The company said the amount transferred was roughly 68 percent of the transaction and rejected suggestions that the outstanding balance should be viewed as evidence of fraud or an intention to evade payment.
The dispute involves Zacuten Technologies Limited and Crossbeam Financial Services Limited and centres on a series of currency swap agreements executed between March 4 and March 10, 2026.
According to documents provided by Plaude, the transaction was valued at $13,072,977.77, with settlement into designated offshore USD/USDC accounts due by March 12.
Plaude said it transferred $8,949,815.38 to the agreed accounts within the settlement period, leaving an outstanding balance that later became the subject of a dispute.
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While the company acknowledges that the balance remains unpaid, it argues that the failure to complete the transaction does not, by itself, establish fraudulent conduct.
Plaude attributed the incomplete settlement to banking difficulties, including enhanced due diligence reviews, transaction delays, restrictions on payment corridors and the closure of some accounts.
The company said those disruptions affected its ability to move funds and complete the transaction as initially agreed. It added that efforts were still ongoing to settle the outstanding obligation and recover funds affected by account closures.
Plaude has also questioned the timeline surrounding the dispute, particularly reports about when restrictions were placed on its accounts.
According to documents cited by the company, Crossbeam’s petition to the Nigerian Police was dated March 21, 2026, although Plaude said this differs from reports that referred to liens or restrictions on its accounts as early as March 17.
The company said the four-day difference raises questions about the sequence of events and the basis for the restrictions reportedly imposed on its accounts.
It also disputed reports concerning an alleged watchlist entry or arrest order at Nigerian ports of entry dated March 19.
Plaude said no such document was produced or served on the company or its lawyers. It further pointed out that March 19 and 20 were federal public holidays for Eid-ul-Fitr.
The dispute has also drawn attention to Plaude’s regulatory status, which the company defended.
Plaude said its Money Services Business registration with the United States Financial Crimes Enforcement Network (FinCEN) has been active since December 2024.
It also said it is registered with Canada’s Financial Transactions and Reports Analysis Centre and holds a Payment Service Provider licence from the Bank of Canada.
In Nigeria, the company operates through a Central Bank of Nigeria-licensed International Money Transfer Operator.
Plaude said it has processed more than $1 billion in payouts since its establishment in 2023 and serves businesses across more than 50 countries.
The company has also challenged references to a complaint allegedly filed with the FBI’s Internet Crime Complaint Center.
According to Plaude, the complaint was self-submitted and does not establish that the FBI has opened an investigation or that criminal charges have been filed.
It said neither the company nor its officers had been charged in connection with the transaction and that it had not received any communication from the FBI concerning the complaint.
Plaude’s lawyers, Duale, Ovia & Alex-Adedipe, responded to enquiries from newsmen in a letter dated April 11, 2026, according to documents provided by the company.
The company subsequently questioned the description of the publication as an exclusive investigation, arguing that it relied substantially on one source and did not adequately reflect Plaude’s response.
Plaude said neither it nor its officers had been found culpable by a competent court over the transaction.
It added that its lawyers had issued a pre-action notice against the publishers over alleged defamation and that the company had reserved its legal rights.
Plaude said its banking difficulties predated the disputed transaction, dating back to mid-2025.
The company said the challenges have prompted it to strengthen its payments infrastructure and reduce its reliance on individual banking relationships.
It also disclosed legal proceedings in the United States involving funds subject to extended banking holds, alongside efforts to establish additional banking and payment partnerships.
According to Plaude, those proceedings remain ongoing and are subject to confidentiality.
The company maintains that the $13.07 million dispute is an unresolved commercial obligation rather than evidence of a broader failure of its payments business.
Plaude said it remains committed to settling the outstanding balance and maintaining the confidence of its customers and partners while the commercial and regulatory processes surrounding the dispute continue.
About the Author
Cecilia Attah is a tech analyst with a degree from Benue State University. She covers tech news and startups at TechRegard with a focus on how technology is transforming Africa and shaping the global landscape.
