Nigeria’s Central Bank Denies Order to Freeze Crypto Exchange Accounts

The Central Bank of Nigeria (CBN) has refuted the authenticity of a previously published Cointelegraph circular, which allegedly demanded financial institutions to identify individuals or entities involved in transactions with cryptocurrency exchanges and freeze their accounts.

This information does not originate from the Central Bank of Nigeria.

For authentic updates, please visit the official website of the Bank at https://t.co/R9TQU0eRpp. pic.twitter.com/LCoUvalMRy

— Central Bank of Nigeria (@cenbank) April 24, 2024

Since December 2023, the regulator has permitted banks to serve cryptocurrency companies, open accounts for them, and provide settlement services.

Earlier, Nigerian authorities expressed concern over the impact of cryptocurrency exchanges on the country’s economy. Telecommunications companies were instructed by the government to block access to several platforms, including Binance, Coinbase, and Kraken.

Charges of tax evasion have been filed against Binance Holdings Limited and two of the exchange’s top executives, Tigran Gambaryan and Nadeem Anjarwalla. The court case has been postponed until May 17.

Binance potentially faces a $10 billion fine.