Why CBN Shut Down Cryptocurrency Exchange Bank Accounts

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Central of Bank of Nigeria (CBN) has directed all banks accounts associated with cryptocurrency to be shut down.

Below is the full statement you need to read:

What You Should Know About CBN New Policy On Cryptocurrency

“February 5, 2021

LETTER TO ALL DEPOSIT MONEY BANKS, NON-BANK FINANCIAL INSTITUTIONS AND OTHER FINANCIAL INSTITUTIONS

The Central of Bank of Nigeria’s (CBN) circular of January 12, 2017 ref FPR/DIR/GEN/C1R,06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the pubic so the risk associated with transactions In crypto currency refers.

Father to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in crypto curencies or facilitating payments for cryptocurrency exchanges is prohibited. Accordingly, all DMBs.

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NBFIs and OFIs are directed to identify persons and/or entities transacting in or operating crypto currency exchanges within tier systemsand ensure that such accounts are closed immediately. Please note that breaches of this directive will attract severe regulatory sanctions. This letter is with immediate effect.”

Osaretin Victor Asemota @asemota shared it on Twitter and wrote:

“We went back to the stone age again.”

A Twitter user, Futurist @nathaniel_luz, reacted:

“My bank called me threatening to flag my account if I use it to transact further with crypto exchanges.”

Why CBN Shut Down Cryptocurrency Exchange Bank Accounts

Why CBN Shut Down Cryptocurrency Exchange Bank Accounts

Why CBN Shut Down Cryptocurrency Exchange Bank Accounts

Why CBN Shut Down Cryptocurrency Exchange Bank Accounts