CBN Fines Three Banks N800m For Flouting Cryptocurrency Order

Date: 07-04-2022 8:46 pm (2 years ago) | Author: kacy lee

kacylee at 7-04-2022 08:46 PM (2 years ago)

(f)

he Central Bank of Nigeria (CBN) has fined three banks a total of N800million for failing to comply with the directive to block customers from transacting in cryptocurrencies.

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Recall that in February 2021, the apex bank directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.
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In the circular released to deposit money banks (DMB), non-bank financial institutions (NBFIs), and other financial institutions (OFIs), the apex bank noted that disobedience to the directive would attract severe penalties.

Bloomberg reports that the three affected banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc.
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According to the report, Stanbic IBTC Bank was fined ₦200million for two accounts alleged to have been used for crypto transactions.
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While Access Bank Plc was fined N500million for failure to close customers’ crypto accounts, and United Bank for Africa Plc incurred a N100million penalty for digital-currency transactions by a customer.

I have been reporting for several years now and I am very interested in visual news reportage with strong inclusion of photos and video multimedia.

Posted: at 7-04-2022 08:46 PM (2 years ago) \| Addicted Hero

gogoman at 7-04-2022 11:34 PM (2 years ago)
Online

(m)

Posted: at 7-04-2022 11:34 PM (2 years ago) \| Grande Master

KazirLucidity at 8-04-2022 12:03 AM (2 years ago)

(m)

Posted: at 8-04-2022 12:03 AM (2 years ago) \| Gistmaniac

constigoldo at 8-04-2022 08:52 AM (2 years ago)

(f)

Posted: at 8-04-2022 08:52 AM (2 years ago) \| Hero

Paulevery at 8-04-2022 11:54 AM (2 years ago)

(m)

Nonsense

Posted: at 8-04-2022 11:54 AM (2 years ago) \| Gistmaniac

Gloodwin at 19-04-2022 01:20 PM (2 years ago)

(m)

Damn, I've never heard anything stupider. Why prohibit banks from conducting crypto transactions? What exactly is the problem here? Such a decision obviously slows down development in the banking sector and will also affect all areas. Cryptocurrency has already taken a serious position. Many companies work with cryptocurrencies, make payments, and much more. Yes, the whole world practically uses cryptocurrency. Many people are also trying to figure it out because they don't want to be left out. I also study the crypto world at https://cryptobuyingtips.com/guides/how-to-buy-bitrise-token-brise. I try to invest and always be up to date. Well, nothing is surprising because Nigeria cannot develop normally.

Posted: at 19-04-2022 01:20 PM (2 years ago) \| Newbie

melissa976 at 5-05-2022 02:47 PM (2 years ago)

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Posted: at 5-05-2022 02:47 PM (2 years ago) \| Newbie

EarthMother at 1-02-2023 06:06 AM (1 year ago)

(f)

I don't know where to start when it comes to learning about cryptocurrency. I've heard that technical analysis is a good place to start - but I'm not sure how to learn that. Does anyone here have any advice?

Posted: at 1-02-2023 06:06 AM (1 year ago) \| Newbie

CapyCapybara at 1-02-2023 12:38 PM (1 year ago)

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Posted: at 1-02-2023 12:38 PM (1 year ago) \| Newbie

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CBN Fines Three Banks N800m For Flouting Cryptocurrency Order

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