CBN orders banks to close cryptocurrency accounts


 The Central Bank has ordered banks and other financial institutions to identify persons and entities operating cryptocurrency exchanges and close all such accounts.

It stated that dealing with cryptocurrencies and facilitating payments through them are illegal in the country.

This was disclosed in a circular titled ‘Letter to all Deposit Money Banks, non-bank financial institutions and other financial institutions’ Friday.

The circular was signed by the Director of Banking Supervision, Bello Hassan; and the Director of Payments System Management Department.

It read, “The Central Bank of Nigeria circular of January 12, 2017 ref FPR/DIR/GEN/CIR/06/010 which cautioned the Deposit Money Banks, non-bank financial institutions, other financial institutions and members of the public on the risk associated with transactions in cryptocurrency refers.

Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing with cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.

“Accordingly, all DMBs, NBFIs, and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.


Please, note that breaches of this directive will attract severe regulatory sanctions.

“The letter takes immediate effect.”

Comments

Post a Comment

Popular posts from this blog

Nigerians Plan Another Protest Over Reopening Of Lekki Tollgate

Image
N igerians have resolved to stage another protest over the ruling of the Lagos State Judicial Panel allowing Lekki Concession Company to regain possession and reopen the Lekki tollgate. The tollgate has been closed following the shooting and killing of #EndSARS protesters by soldiers and police. The Lagos panel was divided as five of the nine members of the panel led by Justice Doris Okuwobi (rtd), voted in support of the reopening of the tollgate at the last sitting on Saturday. Irked by the decision of the panel, Nigerians have planned a protest at the tollgate stating that the tollgate remains shut until justice is served to the victims of the Lekki shooting. The protest has been fixed for Saturday, February 13, 2021 from 7am.
Read more

I want people to remember my town when ever they hear my name;

Image
 In an interview conducted by Odigbo Newspaper on Sunday 14th February 2021 with Temitope Olaoye King Atayese, "He said he is proud to be an Odigbo boy. In the next two years I want people to remember Odigbo my town whenever they hear my name, for example people remember Ekiti whenever they heard the name of Yinka Ayefele and people remember Ondo City when they heard the name of King Sunny Ade, so I pray that God should let the name of my town be heard whenever they hear my name". He equally use the medium to invite his fans to the launching of His new album which will come up on Sunday 21st of February 2021.
Read more

Lagos CP Condemns Molestation Of Arrested Lekki Toll Gate Protesters, Orders Investigation

Image
  The Lagos State Commissioner of Police, CP Hakeem Odumosu, has condemned the molestation of the arrested Lekki Toll Gate protesters and demanded an immediate investigation into the incident. Comedian Debo Adebayo,  popularly known as Mr Macaroni,  along with some others were arrested by the police last Saturday while trying to protest over the decision of the Lagos State Judicial Panel of Inquiry to reopen the Lekki Toll Gate and hand it over to the Lekki Concession Company. They were also said to have been mistreated as videos that have gone viral online, showed some of them being thrown shirtless into a police van. The Lagos CP has therefore ordered the Deputy Commissioner of Police, State CID, Panti, DCP Adegoke Fayoade, to analyse the video and bring to book whoever must have been responsible for the act.   Read Full Statement Below: REF NO CZ: 5650/LA/PPRO/VOL.3/64 POLICE PRESS RELEASE, LAGOS STATE COMMAND, DATED 14TH FEBRUARY 2021 LAGOS CP CONDEMNS MOLES...
Read more