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Nigeria’s central bank forced to deny claims of crypto account freeze

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The circular issued by the Central Bank of Nigeria (CBN) also specifies that regulated financial institutions involved in cryptocurrency transactions or facilitating payments for crypto exchanges are prohibited from doing so.

Recently, the CBN refuted a report claiming it mandated all banks and financial institutions to identify individuals or entities involved in transactions with cryptocurrency exchanges. It allegedly required these accounts to be placed under a “Post No Debit” (PND) instruction for six months.

A “Post No Debit” instruction restricts certain transactions on a customer’s account, preventing them from making debit transactions, such as withdrawals or payments, while it’s in place.

Initially, there was confusion when the central bank denied the report but later deleted the denial. Eventually, the bank confirmed that the allegations were false.

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Furthermore, the bank stated its intention to apprehend individuals engaged in illegal buying and selling of Tether on the listed platforms, especially those using peer-to-peer (P2P) methods. This directive contradicts an earlier ban lifted in December 2023, allowing banks to facilitate transactions for crypto exchanges.

The CBN had previously imposed a comprehensive ban on banks engaging with digital currencies, which was lifted nearly two years later. According to a statement by the CBN, this decision was made due to the increasing global demand and adoption of crypto, which rendered the stringent restrictions imposed in 2021 unjustifiable.

However, concerns arose over the devaluation of the naira and the subsequent inflation rate of 29.9%, leading the government to focus on platforms offering cryptocurrency services. It took action against websites associated with crypto trading, which were known for setting informal valuations for the naira.

Binance faced scrutiny when the CBN raised concerns about “suspicious financial transactions” occurring through Binance Nigeria in 2023. CBN head Olayemi Cardoso stated that $26 billion had passed through Nigeria via Binance in 2023 from unidentified sources and users.

Binance is currently facing challenges in Nigeria, with its executive Tigran Gambaryan, based in the United States, detained in the country. He faces five charges related to money laundering after a meeting with Nigerian officials regarding Binance’s regulatory compliance.

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Another executive, Nadeem Anjarwalla, who attended the meeting on Binance’s regulatory issues, escaped custody and was tracked down in Kenya, where he faces extradition.

Source: cointelegraph.com

The post Nigeria’s central bank forced to deny claims of crypto account freeze appeared first on HIPTHER Alerts.

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