Fun

Report: Four Nigerian Lenders Penalized for Failing to Block Crypto Transactions

News Feed - 2022-04-07 11:04:25

Report: Four Nigerian Lenders Penalized for Failing to Block Crypto Transactions


The Nigerian central bank recently fined four financial institutions it accuses of failing to stop clients from using their respective platforms to conduct cryptocurrency transactions. According to one of the affected institutions, the central bank is using a certain “advanced ability” to detect crypto transactions. Lenders Unable to Detect Crypto Transactions


The Central Bank of Nigeria (CBN) recently penalized four lenders it accuses of failing to abide by a directive that forbids Nigerian financial institutions from facilitating cryptocurrency transactions, a report has said.


According to the report, one of the affected financial institutions, Stanbic IBTC Bank, was fined an equivalent of $478,595. The fine, according to the bank’s CEO Wole Adeniyi, relates to two bank accounts that have been used to facilitate crypto transactions.


While Adeniyi insisted that his organization is complying with the CBN’s directive, he admitted that his bank was unable to detect the transactions that ultimately prompted the central bank to take action. Unlike financial institutions, the CBN is reported to have access to an “advanced ability” that enables it to detect cryptocurrencies.


CBN’s ‘Advanced Ability’


As explained in the report, the central bank is now sharing access to its “advanced ability” with lenders that are eager to avoid its sanctions.


“It doesn’t seem that they are going to entertain a refund, but they are now sharing intelligence with us to be able to kind of deter clients,” Adeniyi is quoted explaining.


Besides Adeniyi’s bank, the CBN is reported to have imposed a fine of nearly $1.2 million against Access Bank Plc after the lender failed to close a client’s crypto account. United Bank for Africa was fined an equivalent of $239,000, while Fidelity Bank is expected to pay just over $34,000. Tags in this story Access Bank Plc, cbn, Central Bank of Nigeria, crypto transactions, Fidelity Bank, Stanbic IBTC Bank, United Bank for Africa, Wole Adeniyi


What are your thoughts on this story? Tell us what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. National Bank of Georgia to Regulate Country’s Crypto Sector REGULATION | 11 mins ago Bank of Russia Rejects Idea of Using Cryptocurrency to Circumvent Sanctions REGULATION | 13 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleAscendEX Lists Concordium, CCD Next articleBitcoin, Ethereum Technical Analysis: ETH, BTC Both Near 2-Week Lows Following Recent Declines Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItPolygon Announces Zero-Knowledge Identity Platform for Web3


On March 29, Polygon, the layer two (L2) scaling solution that runs parallel with the Ethereum blockchain, has announced a new identity platform called Polygon ID. While the protocol is is still under development, Polygon ID is powered by zero-knowledge ... read more.Leading NFT Marketplace Opensea to Add Solana Support in April Indian Government Consulting With IMF, World Bank on Crypto Policy Bandai Namco Announces Gundam Themed Metaverse India"s Crypto Trading Volume Plummets as New Tax Rules Enter Into Force

News Feed

This Startup’s Upgrade Code Can Be Used by Any Bitcoin-Based Blockchain
A small blockchain company out of Arizona has built open-source software that it says any bitcoin-based blockchain could use to improve its functionality. Nexus announced Monday wha
Bitcoin is hedge against ‘horrible’ gov’t fiscal policy — Cathie Wood
William Suberg9 hours agoBitcoin is hedge against ‘horrible’ gov’t fiscal policy — Cathie WoodBitcoin ETFs are not the only reason behind this year’s meteoric BTC price performance, Cathie Wood says.2324 Total
Travala’s new Bitcoin rewards program targets top-tier travelers as BTC fever rises
Gareth Jenkinson10 hours agoTravala’s new Bitcoin rewards program targets top-tier travelers as BTC fever risesTop-tier members of Travala.com are set to earn 10% cashback rewards in Bitcoin on travel booking payments
Turner Wright6 hours agoCFTC and FTC file lawsuits against former Voyager Digital CEO for fraud, making false claimsThe legal action followed reports staff at the CFTC had completed an investigation concluding Stephen Eh
US senators target cryptocurrency use in child abuse trade
Arijit Sarkar19 minutes agoUS senators target cryptocurrency use in child abuse tradeSenators Elizabeth Warren and Bill Cassidy are asking federal agencies about their technical capacity to combat crypto payments in the
Ripple breaks ground in Japan, SBI Group to use XRPL for supply chain solutions
Gareth Jenkinson16 minutes agoRipple breaks ground in Japan, SBI Group to use XRPL for supply chain solutionsRipple has partnered with HashKey DX to introduce XRP Ledger-based blockchain solutions to the Japanese market.
BlackRock sets spot Ether ETF fee at 0.25% amid rush of S-1 filings
Brayden Lindrea8 hours agoBlackRock sets spot Ether ETF fee at 0.25% amid rush of S-1 filingsBlackRock’s iShares Ethereum Trust will start at a 0.12% fee until 12 months passes or after it amasses $2.5 billion in net a
Tether issued on TON blockchain at a ‘great start,’ says CEO — Now at $60M
Martin Young5 hours agoTether issued on TON blockchain at a ‘great start,’ says CEO — Now at $60MTether announced its collaboration with the TON Foundation just two days earlier at the Token2049 event in Dubai, wit
Meta’s Horizon Worlds Metaverse App Still Too Buggy to Be Used According to Company Executives
Meta"s Horizon Worlds Metaverse App Still Too Buggy to Be Used According to Company Executives Meta’s VP of Metaverse, Vishal Shah, acknowledged that Horizon Worlds, the fla
Crypto Lending Company Blockfi Cuts Staff by 20%
Crypto Lending Company Blockfi Cuts Staff by 20% On Monday, the cryptocurrency lending company Blockfi announced that “market conditions” have had a “negative
DeHub Makes History By Announcing New $1 Million NFT Raffle
DeHub Makes History By Announcing New $1 Million NFT Raffle press release PRESS RELEASE.As inflation soars & opportunities begin to diminish, an increasing number of individuals all
Biden Accuses Twitter of Spewing Lies Across the World as Elon Musk Rolls Out Twitter Blue Subscription
Biden Accuses Twitter of Spewing Lies Across the World as Elon Musk Rolls Out Twitter Blue Subscription Elon Musk has started rolling out a $7.99-a-month Twitter Blue subscription