CBN fines three banks N800m for crypto transactions

The Central Bank of Nigeria (CBN) has fined three commercial banks N800 million for allowing cryptocurrency transactions in the country.

The apex bank had in a circular last year stopped all commercial banks from executing cryptocurrency transactions in Nigeria.

The affected banks, according to Bloomberg, are Stanbic IBTC Bank, Access Bank Plc, and United Bank for Africa.

CBN had created a system to checkmate cryptocurrency transactions that commercial banks may have overlooked.

READ ALSO: CBN to fine banks N400 for every mutilated N100 note included in deposits

For infraction, Access Bank Plc was fined N500 million for failing to shut down customers’ crypto accounts.

UBA was fined N100 million for a customer’s digital-currency transactions.

CBN penalized Stanbic IBTC Bank, the local unit of Standard Bank Group Limited, N200 million for two accounts allegedly used for crypto transactions.

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