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- The CBN denied stories stating that it froze accounts associated to unlicensed crypto corporations.
- The regulator mentioned that it wasn’t liable for issuing the round.
- “All the time seek advice from the Financial institution’s web site for genuine info,” mentioned CBN.
The Central Financial institution of Nigeria (CBN) has refuted claims suggesting that it ordered native banks to freeze accounts related to unlicensed crypto exchanges.
Studies surfaced alleging that the CBN directed monetary establishments to freeze accounts related to exchanges like Binance, OKX, Bybit, and KuCoin, however the financial institution has denied issuing such directives.
In a submit on X, the central financial institution clarified that the round instructing banks to freeze accounts linked to unlicensed crypto exchanges didn’t originate from the regulator. It urged the general public to depend on its official web site for genuine info.
The CBN emphasised, “All the time seek advice from the Financial institution’s web site for genuine info.”
Earlier stories claimed that the CBN issued a directive instructing banks to determine and freeze accounts engaged in transactions with cryptocurrency exchanges. These accounts have been to be positioned below a “Put up No Debit (PND) instruction” for six months. Moreover, the stories listed Bybit, KuCoin, OKX, and Binance as exchanges not licensed for operations in Nigeria.
Nevertheless, as of press time, no official orders relating to the freezing of banking accounts linked to crypto transactions have been revealed on the CBN’s official web site.
The CBN’s stance on cryptocurrency transactions has advanced over time. In late 2023, the financial institution lifted its earlier ban on crypto exercise within the nation, pushing establishments to hold out cryptocurrency companies whereas signaling a shift in Nigeria’s method to the crypto market.It’s also vital to notice that Nigeria additionally ranks within the listing of the highest 50 main cities with the infrastructure to expertise mass adoption of cryptocurrencies.
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