Joshua Farrell
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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 digital currencies.
As part of the ban, the CBN has directed all commercial banks to close accounts belonging to crypto exchanges and other businesses transacting in cryptocurrencies in the country.
The CBN also warned of stiff penalties to any bank or financial institution that fails to comply with the directive.
Central Bank of Nigeria bans banks from servicing crypto exchanges
Nigeria's central bank has banned financial institutions from rendering services to crypto exchanges.
cointelegraph.com
The Central Bank of Nigeria has notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Crypto and other digital assets.
In a circular dated 5th February 2021 and distributed to regulated financial firms, the apex bank of Africa’s largest economy warned and reminded local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.
In addition, the apex bank instructed the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges.
The Apex bank further warned the Nigerian Financial Stakeholders that any breach of this directive will attract serious regulatory sanctions.
CBN instructs banks to close accounts related to Crypto
The Central Bank of Nigeria has notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Crypto
nairametrics.com
Has the above news affected any of our Nigerian Members? If so, I would imagine there are ways around this so to not have issues.
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