Regulatory Alerts2021-02-05 | BSD/DIR/PUB/LAB/014/001Letter to All Deposit Money Banks, Non-Financial Financial Institutions and Other Financial Institutions
The Central Bank of Nigeria (CBN) issued a reminder to financial institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited. The CBN directed these institutions to identify and close any accounts associated with cryptocurrency transactions or operations. Breaches of this directive will result in regulatory sanctions.
CENTRAL BANK OF NIGERIA Banking Supervision Department Central Business District P.M.B. 0187 Garki, Abuja.
Tel ....................
E-mail: bsd@cbn.gov.ng BSD/DIR/PUB/LAB/014/001 February 5, 2021 TO ALL DEPOSIT MONEY BANKS, NON-BANK FINANCIAL LETTER INSTITUTIONS AND OTHER FINANCIAL INSTITUTIONS ref.
2017 Bank of Nigeria's (CBN) circular of January 12, The Central FPR/DIR/GEN/CIR/06/010 which cautioned Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs) and members of the public on the risk associated with transactions in crypto currency, refers.
Further to earlier regulatory directives on the subject, the Bank hereby wishes to remind regulated institutions that dealing in crypto currencies or facilitating payments for cryptocurrency exchanges is prohibited. Accordingly, all DMBs, NBFIs and OF Is are directed to identify persons and/or entities transacting.
in or operating crypto currency exchanges within their systems and ensure that such accounts are closed immediately.
Please note that breaches of this directive will attract severe regulatory sanctions.
This Letter is with immediate effect.
Yours faithfully, BELLO HASSAN DIRECTOR OF BANKING SUPERVISION
MUSA I. JIMOH DIRECTOR PAYMENTS SYSTEM MANAGEMENT DEPARTMENT