CBN fines Four Nigerian Banks for Violating Cryptocurrency Ban Directive

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The Central Bank of Nigeria has fined four banks N800 million for defaulting its directive on cryptocurrency transactions.

The CBN had in February 2021 banned trading of cryptocurrency in Nigeria and ordered all banks to close accounts of individuals or corporation bodies used for cryptocurrency transactions, and henceforth not allow their banking platforms to be used for crypto payments and transaction settlements.

According to report by Bloomberg on Wednesday, the CBN has fined at least four banks for flouting its regulation.

The banks fined include Access Bank, Fidelity Bank, United Bank for Africa and Stanbic IBTC.

Access Bank was fined N500 million for failing to close customers’ crypto accounts; UBA was fined N100 million and Fidelity Bank was fined N14.3 million.

Stanbic Bank was fined N200 million for allegedly allowing two accounts be used for crypto transactions

In the report, Stanbic IBTC told Bloomberg that it complied with CBN order, saying some transactions may have passed through its system without its notice.

Statistics by Paxful, a Bitcoin marketplace, say Nigeria has the second largest volume of cryptocurrency transactions after U.S.A.

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