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Cryptocurrency: CBN Metes Out Punishment to 3 Banks

For failing to comply with cryptocurrency regulations, the Central Bank of Nigeria, CBN, resolved to punish three top commercial banks.

Subsequently, the commercial banks were fined for breaching the directives of the apex bank and were asked to pay eight hundred million naira (N800,000,000).

The banks continued to carry out rules and failed to comply with regulations prohibiting consumers from transacting in cryptocurrencies, an online market that the Central Bank had earlier promised that it would set up a team to conduct concrete research before allowing or denying banks the luxury to trade in that currency.

In the past, the apex bank has argued that it is not safe to with crypto and had warned bank customers to desist before it becomes too late and they lose their investments.

Cryptocurrency

It was also revealed that the apex bank can detect cryptocurrency transactions that commercial banks may have overlooked.

According to the report, Access Bank Plc, the country’s largest lender by assets, was fined N500 million for failing to shut down customers’ crypto accounts.

United Bank for Africa Plc was fined N100 million naira for a customer’s digital-currency transactions.

Stanbic IBTC Bank was also fined, the local unit of Standard Bank Group Ltd., N200 million for two accounts allegedly used for crypto transactions.

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