CBN Debunks Rumors of Crypto Exchange Account Freeze in Nigeria

IconCrypto News Terminal25 Apr, 2024

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CBN Debunks Rumors of Crypto Exchange Account Freeze in Nigeria

The Central Bank of Nigeria (CBN) has refuted claims that it has ordered banks to close accounts belonging to crypto exchange users. This statement comes after a report published by crypto media outlet Cointelegraph alleged that the CBN had labeled Binance, KuCoin, Bybit, and OKX as unregistered exchanges and instructed financial institutions to cease providing services to customers dealing with them. The CBN has vehemently denied these claims, emphasizing that the report is false. The bank maintains its stance that cryptocurrencies are not recognized as legal tender in Nigeria and that it has not issued any directive to freeze accounts linked to crypto activities. Previously on [date], the CBN had issued a circular warning financial institutions against facilitating transactions involving cryptocurrencies. However, the recent allegations of account freezes are unfounded and have been officially refuted by the bank.

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