Nigeria, which ranks first in the world in the use of crypto money, has recently banned the use of crypto money on the grounds of money laundering and terrorism. By the Central Bank of Nigeria as a result of the ongoing strict administration in the country. 4 banks fined!
4 banks the country was found to be facilitating crypto transactions in defiance of a set of measures in February 2021 –Access Bank Plc, Stanbic IBTC Bank, Fidelity Bank Plc and United Bank for Africa Plc– fined. A total of $1.9 million was imposed on these four banks.
They Detected Using Advanced Technology!
The Central Bank detected the transactions in question using advanced technology capabilities.
Wole Adeniyi, Chief Executive of Stanbic IBTC Bank, stated in a conference call he attended the other day that the Central Bank of Nigeria fined the local subsidiary of Standard Bank Group Ltd. by paying $478,595 for two accounts believed to be used for crypto transactions.
Adeniyi stated that the bank was penalized despite doing everything necessary to comply with regulations banning cryptocurrency transactions in 2021.
He noted that the Central Bank of Nigeria has identified two accounts that trade crypto using advanced technology that Stanbic IBTC Bank does not have.
Customer Transactions Cost Nigerian Banks Wealth!
Nigerian Exchange Ltd. revealed that Access Bank Plc, the country’s largest lender by crypto assets, has been fined ₦500 million for failing to close customers’ crypto accounts.
Another client’s crypto transactions cost United Bank for Africa Plc a fine of ₦100 million, while Fidelity Bank Plc had to pay a fine of ₦14.3 million for the same transactions.