Nigeria’s Central Bank denies the ban for banks to make payments in favor of crypto exchanges
The regulator’s fake order was circulated in the media on April 24
24.04.2024 - 14:16
56
2 min
0
What’s new? The Central Bank of Nigeria has denied the information spread about the upcoming restrictions on a number of foreign centralized crypto exchanges (CEXs). Thus, on April 24, the media published the bank’s order, in which it allegedly demanded that financial institutions stop processing transfers to Binance, OKX, Bybit, and KuCoin platforms. Later, in the official X-account, the regulator said that the document was a fake and urged to refer to the official website for up-to-date information.
What else is known? The circular, which the Central Bank called misleading, said it prohibited regulated financial institutions from facilitating payments in favor of crypto exchanges, contradicting an earlier order.
In December 2023, for instance, the regulator allowed banks to conduct transactions for digital asset trading platforms, reversing a corresponding ban that had been in place since 2021.
At the same time, in February this year, the media reported that Nigeria was preparing to ban crypto exchanges in order to stabilize the national currency. After that, at the request of the authorities, local telecommunications companies blocked the websites of a number of crypto exchanges, including Binance, OctaFX, and Coinbase.
Later, the country’s authorities accused Binance of tax evasion and destabilizing the exchange rate of the national currency, and detained its senior executives Tigran Gambaryan and Nadeem Anjarwalla. The latter escaped arrest in Kenya on a fake passport, but was soon detained and is now awaiting extradition.
Useful material?
Incidents
Roger Ver has been accused of not paying taxes
May 1, 2024
Mining
After the publication of the financial report, the company’s shares added 5%
Apr 30, 2024
Market
The commission had previously warned the developer of potential enforcement actions
Apr 29, 2024
Market
Funds can be seized by law enforcers due to links to illegal activity
Apr 26, 2024
Market
Tether Finance division will be responsible for the issuance and redemption of USDT stablecoins
Apr 18, 2024
Trends
The first project introduced on the platform will be BounceBit (BB)
Apr 18, 2024