Central Bank of Nigeria Orders Banks to Freeze Crypto Users' Accounts, Including Binance

IconCrypto News Terminal24 Apr, 2024

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Central Bank of Nigeria Orders Banks to Freeze Crypto Users' Accounts, Including Binance

The Central Bank of Nigeria (CBN) has ordered local banks and financial institutions to freeze the accounts of individuals or entities transacting with unregistered cryptocurrencies, including Binance, for six months. This move contradicts the CBN's previous stance in December 2022, when it lifted the ban on cryptocurrency transactions. The directive, known as Post No Debit (PND), restricts debits from affected accounts, limiting withdrawals or payments. The CBN specifically named Binance, KuCoin, Bybit, and OKX as unregistered cryptocurrency exchanges. The apex bank also prohibited financial institutions under its regulation from engaging in cryptocurrency transactions or providing payment services for crypto exchanges. This move has raised concerns among crypto enthusiasts and industry experts, who view it as a setback for the adoption and growth of digital assets in Nigeria. Previously, on March 24, 2024, the CBN had blocked access to the Binance website.

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