The sanctions imposed by the Central Bank of Nigeria (CBN) are a part of its effort to clamp down on cryptocurrency transactions, and establish restrictions on trading.
The sanctions are a part of CBN’s efforts to discourage cryptocurrency usage and to firmly establish commercial restrictions on cryptocurrency trading.
The Central Bank of Nigeria has penalized three commercial banks in the country for failing to follow a directive from the regulation that prohibits consumers from transacting in cryptocurrencies., the financial institutions were fined for breaching a cryptocurrency trading restriction levied a year ago. CBN fined Stanbic IBTC Bank, which happens to be the domestic unit of Standard Bank Group Ltd., for 500 million naira for two accounts alleged to have been used for crypto transactions.
Chief Executive Officer Wole Adeniyi revealed that Stanbic IBTC followed the central bank regulation, however, the sanctioned transactions may have passed through its system undetected. Adeniyi also said that the central bank was able to identify the relevant transactions due to “advanced capability” that even the lenders in the country do not have access to. The platform has urged the central bank to share the technology.
Last February, CBN had released an order to close the accounts of holders involved in transacting in or operating cryptocurrency exchanges. The apex bank had sent the circular to the domestic financial establishments and warned of severe regulatory sanctions if they fail to comply.setting up a research unit as part of its effort to regulate the industry.
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