Crypto traders account are tracked by Nigerian Banks, following the news that the Central Bank of Nigeria (CBN) ordered all commercial banks to freeze the accounts of two persons who engaged in cryptocurrency trading, the CBN has instructed all commercial banks to conduct surveillance.
Bank staff were sent a memorandum outlining their responsibility to monitor accounts and close them down if proof of crypto trading was discovered.
The message stated, “We wish to underline that the CBN is closely monitoring non-compliance with the instruction on the closure of all cryptocurrency accounts for high impact regulatory penalties.”
Accounts of fintech firms with a big number of daily transactions without a payments license, as well as personal accounts with substantial deposits coming in and out, will be identified, in addition to accounts that may be used for crypto trading.
According to the letter, the CBN’s February 5 order to close accounts linked to cryptocurrency trading operations was violated; nonetheless, the CBN has stated that cryptocurrency trading is not prohibited in Nigeria.
The eNaira was created with the goal of controlling Nigeria’s developing cryptocurrency ecosystem and limiting the amount of fraudulent activity in the digital sector.
In light of the foregoing, all employees are instructed to identify companies transacting in cryptocurrencies or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed as soon as possible.”
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