Nigerian authorities are gearing up for the next phase of their crackdown on crypto trading, targeting peer-to-peer (P2P) platforms like OKX, Binance, KuCoin, and Bybit, according to a trending circular by the Central Bank of Nigeria.
The CBN ordered financial institutions in the country to identify individuals or entities transacting with these exchanges and implement a six-month Post No Debit (PND) instruction on their accounts.
According to the bank, the mentioned platforms are not licensed to operate in Nigeria and are currently under investigation. It added that defaulters of this directive would be faced with severe regulatory sanctions.
The bank also warned that any trader “buying and selling USDT illegally” would be arrested.
The CBN further reminded regulated financial entities in the country that they were barred from dealing in cryptocurrencies or facilitating payments for crypto exchanges.
Meanwhile, Olumide Adesina, a business journalist, explained that the CBN’s off
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