Central Bank of Nigeria Confirms Not Blocking Crypto Users

The Central Bank of Nigeria (CBN) has officially confirmed reports of their freezing of user accounts on platforms such as Bybit, OKX, Kucoin, and Binance as fraudulent.

Azcnews Nigeria Confirm

In a post on X on Wednesday, the Central Bank of Nigeria (CBN) clarified that this directive did not originate from the bank, while also urging the public to access the bank’s official website for “authentic updates.”

According to the directive, all deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs) are directed to identify individuals and entities conducting transactions with cryptocurrencies and ensure that those accounts are placed on post-no-debit (PND) directives for six months.

In February 2021, the CBN issued a directive to deposit money banks (DMBs), non-bank financial institutions (NBFIs), and OFIs to close accounts of persons or entities linked with cryptocurrency transactions in their systems. The regulatory agency continues to caution local financial institutions against trading in cryptocurrency assets or facilitating payments for cryptocurrency exchanges.

Related: Review BingX Exchange 2024

The CBN cited concerns about money laundering (ML), terrorism financing (TF), cybercrime, and the volatility of cryptocurrencies as reasons for the ban. However, on December 22, 2023, the CBN lifted the ban and directed all banks and other financial institutions to offer cryptocurrency services. The apex bank also issued guidelines on operations for virtual asset service providers (VASPs) for all banks and OFIs.

According to the CBN, VASPs include any entity engaged in the exchange of virtual assets (cryptocurrencies), fiat currency, and the transfer of virtual assets. This development marks a departure from the CBN’s initial stance on restricting cryptocurrency transactions.

5.0/5

(35 votes)
  1. Avatar of Emmanuel
    Emmanuel

    Hahahah really

  2. Avatar of
    Anonymous

    Why are they doing this

  3. Avatar of
    Anonymous

    I knew the news you published yesterday about it was wrong

    • Avatar of AZC.News
      AZC.News

      Yes, thank you for your feedback. We have compiled a lot of information and are very sorry that some of it has been wrong.

  4. Avatar of
    Anonymous

    Stop peddling fake news.

    • Avatar of AZC.News
      AZC.News

      Check Twitter of Central Bank of Nigeria

  5. Avatar of Mrloaded
    Mrloaded

    Nothing will stop Nigerian not to do crypto, that is where the next wealth generation is coming from

  6. Avatar of
    Anonymous

    Anything they deny is true

  7. Avatar of
    Anonymous

    Thanks for owing up to the error.

  8. Avatar of Sulaiman Abdullahi
    Sulaiman Abdullahi

    If that is the case
    You should please be very careful before you publish any information/news

    So that you can be among the trusted sources of information/news

  9. Avatar of Sunday Amusan
    Sunday Amusan

    Crypto currency is a virtual asset while dollar is a world nominated currency, so each asset has to work independently whether one’s country currency or foreign one

  10. Avatar of Ben
    Ben

    The News yesterday makes people sold out their coins because of fear of CBN, please you guys should not be in a hurry to post an information because i always get good info from you guys, thank you.

  11. Avatar of
    Anonymous

    This isn’t true because they CBN denied it @their X handle.

  12. Avatar of Iyobosa
    Iyobosa

    This is beautiful

  13. Avatar of ARIGU EWUGA DANLADI
    ARIGU EWUGA DANLADI

    Authentic and Cheering news

  14. Avatar of
    Anonymous

    Omo if Tinubu and his gangs of clueless agencies and workers like let them ban, unban, misban, sillyban or whatever crypto is where my saving and funds is going into, make them come catch me for house as if Dem help me make the money……..bunch of f*gs

  15. Avatar of Moris cliford makazi
    Moris cliford makazi

    Mine please

  16. Avatar of Murtala Rufai
    Murtala Rufai

    Yes

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