Plaude counters claims over $13.07m currency deal, says 68% was settled

Plaude Technologies Limited said it transferred about $8.95 million, or 68 percent of the value of a disputed $13.07 million currency transaction, before banking disruptions affected its ability to complete the deal.

The cross-border payments company is pushing back against claims arising from a transaction involving Zacuten Technologies Limited and Crossbeam Financial Services Limited, saying the outstanding balance should not be interpreted as evidence of fraud or an intention not to pay.

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Documents show that the transaction was valued at $13,072,977.77 and was carried out through a series of currency swap agreements entered between March 4 and March 10, 2026.

The agreements required settlement into designated offshore USD/USDC accounts by March 12. Plaude said $8,949,815.38 was transferred to the agreed accounts within the settlement period.

The remaining balance subsequently became the subject of a dispute over the incomplete settlement and the reasons for the failure to transfer the full amount.

Plaude does not dispute that an outstanding obligation remains, according to the company’s account. It disputes suggestions that the unpaid balance, by itself, establishes fraudulent conduct.

The company said its ability to complete the transaction was affected by banking problems including enhanced due diligence reviews, transaction delays, restrictions on payment corridors and the closure of some accounts.

Those disruptions have become an important part of Plaude’s defence of the transaction. The company said it has continued efforts to resolve the outstanding obligation and recover funds affected by account closures.

The chronology of the dispute is also being challenged by Plaude. Documents cited by the company show that Crossbeam’s petition to the Nigerian Police was dated March 21, 2026. Plaude said this differs from reports referring to a lien or restrictions on its accounts as early as March 17.

The company said the four-day gap requires scrutiny of the sequence of events and the basis for the restrictions reportedly placed on its accounts.

Plaude has also disputed reports about an alleged watchlist entry or arrest order at Nigerian ports of entry dated March 19. The company said no such document was produced or served on it or its lawyers.

It also noted that March 19 and 20 were federal public holidays for Eid-ul-Fitr.

The dispute has raised questions about Plaude’s regulatory standing. The company said its Money Services Business registration with the US Financial Crimes Enforcement Network, or FinCEN, has been active since December 2024.

Plaude 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, it operates through a Central Bank of Nigeria-licensed International Money Transfer Operator.

The company said it has processed more than $1 billion in payouts since its establishment in 2023 and serves businesses across more than 50 countries.

Plaude has also challenged references to a complaint filed with the FBI’s Internet Crime Complaint Center. The company said 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 contact from the FBI regarding the complaint.

Plaude’s lawyers, Duale, Ovia & Alex-Adedipe, responded to enquiries from Technext in a letter dated April 11, 2026, according to documents provided by the company.

The company later questioned the description of the publication as an exclusive investigation, saying 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 also said its lawyers had issued a pre-action notice against the publishers over alleged defamation and that it had reserved its legal rights.

The dispute comes against the backdrop of banking difficulties Plaude says it has faced since mid-2025.

The company said those challenges have led it to strengthen its payments infrastructure and reduce reliance on individual banking relationships. It also disclosed legal proceedings in the US involving funds subject to extended banking holds, as well as efforts to establish additional banking and payment partnerships.

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The proceedings remain ongoing and subject to confidentiality, according to Plaude.

For the company, the $13.07 million dispute represents 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 confidence among customers and partners while the commercial and regulatory processes surrounding the dispute continue.