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SEC, Banks Disagree Over Crypto Assets In Nigeria.

Banks in Nigeria will now close any account that transacts with crypto assets.

By Zahra

Banks in Nigeria will now close any account that transacts with crypto assets.

This was announced by banks across the country, in accordance with the Central Bank of Nigeria’s directive (CBN).

In February 2021, the CBN had prohibited all banks in the country from honoring transactions made with crypt assets.

The CBN had ordered all accounts dealing with the assets be closed down immediately.

However, the Securities and Exchange Commission(SEC) in the country had released a set of regulations for individuals who may want to trade in cryptocurrency.

The SEC regulation had spelt out the conditions require to trade in cryptocurrency in Nigeria.

But a letter addressed to customers by one of the banks announced plans to close down any bank account dealing with cryptocurrency in the country.

This, the bank attributed to the order given by the Central Bank to close down any such accounts.

The letter read “Further to its earlier communication that dealing in Cryptocurrencies or facilitating payments for Cryptocurrency exchanges is prohibited, the Central Bank of Nigeria (CBN) has in its letter with reference number BSD/DIR/GEN/LAB/14/001, dated February 5, 2021, directed that all banks, non-bank financial institutions and other financial institutions should identify persons and/or entities transacting in or operating Cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.

“In line with the CBN directive, kindly note that any account identified as transacting in or operating Cryptocurrency exchanges within our system will be closed immediately.”

The SEC recently released a regulatory framework around the crypto industry, spelling out the requirements and rules for participating in the cryptocurrency industry.

“Further to its earlier communication that dealing in Cryptocurrencies or facilitating payments for Cryptocurrency exchanges is prohibited, the Central Bank of Nigeria (CBN) has in its letter with reference number BSD/DIR/GEN/LAB/14/001, dated February 5, 2021, directed that all banks, non-bank financial institutions and other financial institutions should identify persons and/or entities transacting in or operating Cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.

“In line with the CBN directive, kindly note that any account identified as transacting in or operating Cryptocurrency exchanges within our system will be closed immediately.”the letter read.

 

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