Recent reports informed of an alleged circular released by the Central Bank of Nigeria (CBN). The document warned financial institutions that engaging with cryptocurrencies and facilitating operations for crypto exchanges was prohibited.
The news raised alarms as, four months ago, Nigeria lifted the ban that prevented banks and other financial institutions from operating accounts for virtual asset service providers (VASPs).
Latest Crypto Crackdown Turned Out A Bluff
On Tuesday, reports of a CBN’s tackle on financial institutions that facilitated operations for crypto exchanges in Nigeria started spreading.
The alleged circular “cautioned” Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs), and the public about the risks associated with crypto transactions.
The document “reminded” regulated institutions they were banned from dealing in cryptocurrencies or facilitating operations for exchanges due “to earlier
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