CBN ORDERS BANKS TO SHUT DOWN CRYPTOCURRENCY EXCHANGE

By: famwang / February 5th, 2021 / 20 views

 The Central Bank of Nigeria, CBN, has ordered banks and other financial institutions to close accounts of customers transactions using crypto or facilitating payments for crypto exchanges.The apex bank disclosed this in a circular on Friday afternoon to all DMBs, OFIs and NBFIs. The Nigerian bank regulator ordered deposit money banks, non-bank financial institutions and other financial institutions to “identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately”, noting that “breaches of this directive will attract severe regulatory sanctions.”

In the last five years, the past few months the use of Bitcoin and other cryptocurrencies have been on the high side. And Nigerians have reportedly traded 60,215 Bitcoins, or more than $566 million USD.

Recall that during the #ENDSARS protests, accounts of some major front-liners were restricted from receiving or sending funds. A bitcoin wallet was later set up which donors used to pour in support from across the world.


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