CBN INVESTIGATES CRYPTOCURRENCY COMPANIES’ BANK ACCOUNTS FOR FRAUD

Written by on February 8, 2021

THE CENTRAL BANK OF NIGERIA (CBN) HAS OPENED INVESTIGATIONS INTO BANK ACCOUNTS OF COMPANIES INVOLVED IN THE TRADING OF CRYPTOCURRENCIES WITH THE INTENTION OF BLOCKING THOSE WITH SUSPICIOUS TRANSACTIONS AND FRAUD.

A TOP CENTRAL BANK OFFICIAL WHILE GIVING MORE INSIGHT INTO LAST WEEK’S DECISION MANDATING BANKS TO CLOSE ALL ACCOUNTS BELONGING TO CRYPTOCURRENCY TRADERS, ALSO PUSHED BACK CRITICISM OF THE POLICY, SAYING THE BANK WON’T ABANDON ITS REGULATORY ROLES TO CRITICS.

THE BANK ALSO INSISTED IN A STATEMENT BY ITS DIRECTOR OF COMMUNICATIONS, OSITA NWANISOBI, THAT THE RESTRICTION REGIME IS TO PROTECT NIGERIANS AND THE FINANCIAL SYSTEM.

THE CBN, HOWEVER, GOT ALLIES YESTERDAY ON ITS BAN ON CRYPTOCURRENCY TRADING THROUGH BANKS AS THE ASSOCIATION OF BUREAUX DE CHANGE OPERATORS OF NIGERIA (ABCON), THE AREWA CONSULTATIVE YOUTH MOVEMENT, OHANAEZE NDI IGBO YOUTH MOVEMENT, ODUDUWA YOUTHS, AND MIDDLE BELT YOUTHS EXPRESSED SUPPORT FOR IT.

THE CBN, LAST WEEK, HAD DIRECTED BANKS AND OTHER FINANCIAL INSTITUTIONS TO IMMEDIATELY CLOSE ANY ACCOUNTS DEALING IN CRYPTOCURRENCY OR FACILITATING PAYMENT FOR CRYPTOCURRENCY EXCHANGE, WITH IMMEDIATE EFFECT.

IT ALSO DIRECTED BANKS TO EXPOSE ANY INDIVIDUAL AND ENTITY RUNNING SUCH ACCOUNTS, WARNING THAT FAILURE TO ADHERE TO THE DIRECTIVES WOULD ATTRACT STRICT SANCTIONS.


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