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CBN Imposes Fines on Commercial Banks Flouting Restriction on Cryptocurrency Transactions (See Names Of Banks)

CBN Imposes Fines on Commercial Banks Flouting Restriction on Cryptocurrency Transactions (See Names Of Banks)

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CBN Imposes Fines on Commercial Banks Flouting Restriction on Cryptocurrency Transactions (See Names Of Banks)

CBN Imposes Fines on Commercial Banks Flouting Restriction on Cryptocurrency Transactions (See Names Of Banks)

by iDeemlawful
April 7, 2022
in Business News, Featured
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The Central Bank of Nigeria (CBN) has imposed huge fines on some commercial banks which failed to effect the restriction on cryptocurrency transactions.

In February 2021, the CBN directed deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs) to identify persons or entities involved in cryptocurrency transactions within their systems and ensure that such accounts are closed immediately.

CBN warns against investment with unrealistic returnsMay cryptocurrency not destroy Nigeria, world economy

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It also directed banks to stop transacting in and with entities dealing in cryptocurrencies.

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The apex bank claimed that cryptocurrencies were being used to facilitate scams, money laundering, terrorism financing, illicit fund flows, and other criminal activities.

But some banks were said to have flouted the directive and in turn, the apex banks slammed them with fine.

Stanbic IBTC Bank reportedly incurred a N200 million fine for two accounts alleged to have been used for crypto transactions.

Chief Executive Officer of the bank, Wole Adeniyi, disclosed this during an investor conference call in Lagos.

While Stanbic IBTC followed the central bank directive, but the transaction, which it was fined over, was done without the consent of the authorities.

Access Bank Plc was fined N500 million over its alleged failure to close customers’ cryptocurrency accounts.

The United Bank for Africa (UBA) got Plc got a N100 million fine for digital-currency transaction by one of its customers

Tags: CBN PoliciesCryptocurrency
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