CBN fines UBA, Access and Stanbic IBTC for shielding cryptocurrency transactions
The Central Bank of Nigeria fined Stanbic IBTC Bank, Access Bank and the United Bank for Africa for failing to prevent customers from carrying out cryptocurrency transactions.
On Wednesday, Bloomberg reported that Stanbic IBTC Bank was fined N200 million over two accounts allegedly used for crypto transactions. The report noted a fine of N500 million on Access Bank Plc and a N100 million fine on the United Bank for Africa over virtual transactions by their customers. Â
Access Bank, in its December 2021 consolidated statements, said it had been fined the “sum of N500 Million being penalty for failure to close some customer’s crypto accounts.”
The fines on the above-named banks follows a history of the Godwin Emefiele-led central bank opposing the use of cryptocurrency and virtual trade, despite global acceptance and Nigeria leading.
Last February, the regulatory bank ordered banks and other financial institutions to shut down customer accounts used in trading cryptocurrencies and other related transactions.
The Buhari-led administration had banned all trading in cryptocurrencies in Nigeria, citing it being used to launder money, fund terrorism, amongst other corrupt and nefarious activities.
In 2017, CBN said it would not licence cryptocurrencies such as Bitcoin, Ripples, Monero, Litecoin, Dogecoin, Onecoin, amongst others, and any transactions conducted through them would not have the protection of the Nigerian law.
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