Law and Legislation

‘CBN’ Central Bank of Nigeria Issues Ban On Crypto Bank Accounts.

The CBN [Central Bank of Nigeria] has ordered all banks to shut down any accounts associated with cryptocurrencies.

The CBN added that it had been reminding regulated banking institutions that “dealing in crypto assets or facilitating payments for cryptocurrency exchanges is prohibited.”

Moreover, all such banks should “identify persons and/or entities” transacting with crypto assets or operating cryptocurrency exchanges on their platforms and “ensure that such accounts are closed terminated.”

Any breaches of the order would face “severe regulatory sanctions,” the order explained.

The CBN letter is signed by Director of Banking Supervision, Bello Hassan, and is dated as 5th Feb.

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