Digital Barker
  • Home
  • Startups
    • News
    • Opportunities
    • Workspaces
  • Crypto College
  • Tech
    • Gadgets
    • Tips
    • Tech Support
  • Videos
  • Jobs
No Result
View All Result
Digital Barker
  • Home
  • Startups
    • News
    • Opportunities
    • Workspaces
  • Crypto College
  • Tech
    • Gadgets
    • Tips
    • Tech Support
  • Videos
  • Jobs
No Result
View All Result
Digital Barker
Find Tech Jobs Find Tech Jobs Find Tech Jobs

CBN fines 3 commercial banks for Cryptocurrency violations

Precious by Precious
April 7, 2022
1

Following the nationwide ban on Crypto transactions by the Nigerian government in February 2021, the Central Bank of Nigeria have placed a fine on three top Nigerian commercial banks for going against the country’s Cryptocurrency transaction restrictions.

According to TechCabal, Access Bank, Stanbic IBTC and United Bank of Africa (UBA) have all been fined a total of approximately $1.9 million (800 million Naira) for not taking strict actions to restrict accounts that participate in Crypto transactions.

Access Bank was fined a total of ₦500 million for not closing customers’ cryptocurrency accounts with the restrictions still in play. Stanbic IBTC was fined ₦200 million and although the bank’s chief, Wole Adeniyi, claims the institution heeded the order, he acknowledged the fact that two accounts alleged to have been used for crypto transactions were true but the mistake was out of negligence and not going against the order. United Bank for Africa (UBA) was not excluded and was fined ₦100 million for digital currency transactions by a customer.

Last year, the Nigerian government through the Central Bank of Nigeria put up a law restricting all Nigerian commercial banks from allowing bank accounts to be used for any form of cryptocurrency operation as the country is on a path to more financial safety, following the footsteps of countries like China which frowns upon Cryptocurrency transactions. The government placed this embargo on the basis of curbing the usage of cryptocurrency for illegal transactions due to its high degree of anonymity.

This decision by the government was received with huge criticism from the Nigerian tech space, especially the youths because although Cryptocurrency is not totally banned in Nigeria, it has become harder to buy or sell using the country’s commercial banks.

ShareTweetPin

More Stories

CBN launches national card scheme, AfriGo to boost financial inclusion
News

CBN launches national card scheme, AfriGo to boost financial inclusion

2 weeks ago
BasiGo partners with AVA to produce more electric vehicles in Kenya
News

BasiGo partners with AVA to produce more electric vehicles in Kenya

2 weeks ago
Mafab Communications set to roll out 5G network and unveil new logo
News

Mafab Communications set to roll out 5G network and unveil new logo

2 weeks ago

Comments 1

  1. Pingback: Australia launches a one-year project for research into CBDC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Advertise
  • Privacy Policy
  • Contact
  • Jobs

© 2022 Digital Barker

No Result
View All Result
  • Home
  • Startups
    • News
    • Opportunities
    • Workspaces
  • Crypto College
  • Tech
    • Gadgets
    • Tips
    • Tech Support
  • Videos
  • Jobs

© 2022 Digital Barker

 
Required 'Candidate' login to applying this job. Click here to logout And try again
 

Login to your account

  • Forgot Password? | Sign Up

Reset Password

  • Already have an account? Login

Enter the username or e-mail you used in your profile. A password reset link will be sent to you by email.

Signup to your Account

Choose your Account Type
  • Candidate I want to discover awesome companies.
  • Employer I want to attract the best talent.
  • By clicking checkbox, you agree to our Terms and Conditions and Privacy Policy

    Already have an account? Login

Close
 

Answers

 

Account Activation

Before you can login, you must activate your account with the code sent to your email address. If you did not receive this email, please check your junk/spam folder. Click here to resend the activation email. If you entered an incorrect email address, you will need to re-register with the correct email address.