x

CBN Fines Four Banks Over N800m For Violating Crypto Policy

The Central Bank has fined four banks for flouting its directive on cryptocurrency transactions.

The CBN had in February 2021 ordered all banks to close accounts of anyone who transacts in cryptocurrency.

According to the CBN, dealing in cryptocurrency or facilitating payments for cryptocurrency exchanges is prohibited.

In a report by Bloomberg on Wednesday, the CBN has now fined at least four banks for failing to comply with that regulation.

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

Stanbic Bank, according to the report was fined N200 million for two accounts alleged to have been used for crypto accounts.

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

Stanbic IBTC told Bloomberg that it had followed the CBN directive but that some transactions may have passed through its system undetected.

Nigeria, according to Paxful, a Bitcoin marketplace, accounts for the largest volume of cryptocurrency transactions outside the U.S.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalistAs...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

FCT NUJ Chairman Grace Ike Salutes Workers

… Calls for Press Freedom, Fair Working Conditions for...

Wike Visits China to seal Deal on FCT Satellite Towns Water Project

By Joyce Remi-BabayejuThe FCT Minister, Barr. Nyesom Wike, has...

Idris @59: Midas touch in information management

Idris @59: Midas touch in information managementBy Simon Reef...

Workers’ Day: NLC Urges Ododo to Clear Pensioners’ Gratuity Backlog in Kogi

By Noah Ocheni, LokojaThe Chairman of the Nigeria Labour...

MAY DAY: Workers Are Backbone Of Govt- Oborevwori

By Anne AzukaDelta State Governor, Rt. Hon. Sheriff Oborovwori...

FCTA revisits Usuma District Masterplan to Stall Dam Contamination

By Joyce Remi-BabayejuThe Federal Capital Territory Administration, FCTA, has...

Wike Condoles With FCT Minister of State Over Father’s Death

By Joyce Remi-BabayejuThe FCT Minister, Barr. Nyesom Wike, has...
spot_img

Related Articles

Popular Categories

spot_imgspot_img