CBN bans cryptocurrency trading in Nigeria pulse.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pulse.ng Daily Mail and Mail on Sunday newspapers.
The Central Bank of Nigeria (CBN) has opened investigations into bank accounts of companies involved in the trading of cryptocurrencies with the intention of blocking those with suspicious transactions and fraud.
•Insists restrictions to safeguard Nigerians, financial system
The Central Bank of Nigeria (CBN) has opened investigations into bank accounts of companies involved in the trading of cryptocurrencies with the intention of blocking those with suspicious transactions and fraud.
A top central bank official while giving THISDAY more insight into last week’s decision mandating banks to close all accounts belonging to cryptocurrency traders, also pushed back criticism of the policy, saying the bank won’t abandon its regulatory roles to critics.
The bank also insisted in a statement yesterday by its Director of Communications, Mr. Osita Nwanisobi, that the restriction regime is to protect Nigerians and the financial system.
How FBI Warned FG, CBN on Scammers Using Cryptocurrencies to Defraud the West thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
(AFRICAN EXAMINER) -The Central Bank of Nigeria (CBN) has directed all Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs) and Other Financial Institutions (OFls) to close the accounts used for crypto currency operations.
The CBN in a circular BSD/DIR/GEN/LAB/14/001 issued on Friday, ordered all financial institutions “to identify persons and/or entities transacting in or operating crypto currency exchanges within their systems and ensure that such accounts are closed immediately”.
Any financial institution that breaches this directive the CBN warned “will attract severe regulatory sanctions”.
According to the CBN, “dealing in crypto currencies or facilitating payments for cryptocurrency exchanges is prohibited”.