2 weeks ago
Nigerian authorities are gearing up for the adjacent signifier of their crackdown connected crypto trading, targeting peer-to-peer (P2P) platforms similar OKX, Binance, KuCoin, and Bybit, according to a trending circular by the Central Bank of Nigeria.
The CBN ordered fiscal institutions successful the state to place individuals oregon entities transacting with these exchanges and instrumentality a six-month Post No Debit (PND) acquisition connected their accounts.
According to the bank, the mentioned platforms are not licensed to run successful Nigeria and are presently nether investigation. It added that defaulters of this directive would beryllium faced with terrible regulatory sanctions.
The slope besides warned that immoderate trader “buying and selling USDT illegally” would beryllium arrested.
The CBN further reminded regulated fiscal entities successful the state that they were barred from dealing successful cryptocurrencies oregon facilitating payments for crypto exchanges.
Meanwhile, Olumide Adesina, a concern journalist, explained that the CBN’s authoritative stance was that lone entities regulated by the Nigerian Securities and Exchange Commission (SEC) successful the crypto marketplace could woody with banks.
Over 300 P2P accounts frozen
In a caller property briefing, Ola Olukayode, the president of the Economic and Financial Crimes Commission (EFFC), noted that transactions connected P2P platforms similar KuCoin were exacerbating the country’s overseas speech challenges.
He said the anti-graft bureau had frozen astir 300 suspected amerciable forex accounts trading connected P2P platforms. Notably, implicit $15 cardinal passed done 1 of these platforms successful the past year.
This improvement comes arsenic the Nigerian authorities has adopted a stringent stance towards crypto to stabilize the overseas speech market. Initially, the authorities attributed the Nigerian Naira’s anemic worth against the US Dollar to currency traders’ speculative activities connected the crypto speech Binance.
The speech has denied these allegations but is inactive facing trial, alongside 2 of its executives, for taxation evasion and wealth laundering.
Binance said it is cooperating with the authorities and called for the merchandise of its detained employees.
The station Nigeria freezes implicit 300 accounts connected much crypto exchanges amid forex concerns appeared archetypal connected CryptoSlate.
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