CBN sanctions banks for allowing crypto transactions.
The sanctions are a part of CBN's efforts to discourage cryptocurrency usage and to firmly establish commercial restrictions on the cryptocurrency exchange.
The Central Bank of Nigeria (CBN) has penalized three commercial banks in the country for failing to follow a directive from the regulation that prohibits consumers from transacting in cryptocurrencies.
CBN’s Sanctions
According to the latest Bloomberg report, the financial institutions were fined for breaching a cryptocurrency trading restriction levied a year ago. CBN fined Stanbic IBTC Bank, which happens to be the domestic unit of Standard Bank Group Ltd., for 500 million nairas for two accounts alleged to have been used for crypto transactions.
Related: Bybit Enlist ERTHA On Their Trading Platform
The&nbs...