The Central Bank of Nigeria has issued a directive asking financial institutions to identify persons or entities transacting in or operating with Bybit, KuCoin, OKX, and Binance.
Details
In a letter obtained by Coindesk addressed to Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFls), Other Financial Institutions (OFIs), and members of the public, also cautioned and reminded the institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.
The regulatory authority also wants the financial institutions to “ensure that such accounts are put on PND (Post No Debit) instruction for 6 months.”
Any breaches of the directive would attract severe regulatory sanctions.
Digging Deeper
The obtained letter said any perpetrator or “suspected agent” secretly working with all cryptocurrency platforms, “buying and selling USDT illegally,” will be arrested.
Zoom Out
Last month, the Nigerian government accused Binance of enabling currency speculation that crashed its Naira currency. The country invited two Binance executives to Nigeria, who were then arrested. One executive fled the country and is currently in Kenya.
Source: Coindesk
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