Central Bank of Nigeria Orders Banks to Close Accounts of Crypto Clients
The Central Bank of Nigeria (CBN) has circulated a letter directing banks and financial institutions to identify and close accounts of cryptocurrency transacting entities. The directive, which took immediate effect, threatens “severe regulatory sanctions” to financial institutions that fail to comply. Banks Taking Immediate Action Immediately following the letter’s publication, some banks and other financial service providers began complying with the directive. The CEO of Binance, Changpeng Zhao, tweeted that his company had received word from its Nigerian partners....
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Nigeria's central bank has prohibited commercial banks from providing account services to crypto exchanges. The Central Bank of Nigeria has placed a ban on all regulated financial institutions from providing services to crypto exchanges in the country.The prohibition was contained in a circular issued by the CBN on Friday. According to the central bank's notice, the ruling is an extension of earlier warnings from the bank about the risks associated with virtual currencies.Source: TwitterAs part of the ban, the CBN has directed all commercial banks to close accounts belonging to crypto....
Any breaches of the order would face "severe regulatory sanctions," the central bank warned.
The governor of the Central Bank of Nigeria has seemingly softened his stance on crypto for individuals, if not banks. Godwin Emefiele, governor of Nigeria’s central bank which previously banned banks from servicing crypto exchanges, has reportedly clarified the bank’s position on the use of cryptocurrencies in the country.According to local news outlet TodayNG, Central Bank of Nigeria, or CBN, deputy governor Adamu Lamtek said on behalf of Emefiele that the bank had not banned Nigerian residents from buying, trading, or selling crypto, but “[protected] the banking sector from the....
In February, the CBN banned banks from servicing crypto exchanges in the country, citing concerns including volatility, money laundering, and the financing of terrorism. The Central Bank of Nigeria has reportedly ordered all commercial banks in the country to freeze accounts with at least two individuals engaged in crypto trading.According to a Nov. 7 report from Nigerian news outlet Peoples Gazette, the Director of Banking Supervision, J.Y. Mammanand, issued a notice directing the central bank to close the accounts of two alleged crypto traders and move their funds “in suspense accounts.”....
The Central Bank of Nigeria (CBN) called for the bank accounts of two allegedly crypto traders to be frozen and funds suspended by all Nigerian commercial banks. The crackdown seems to be the beginning of more tightening measures. the Director of Banking Supervision, J. Y. Mammanand addressed the banks in a circular quoted by Peoples […]