CBN Fines Access Bank, Stanbic IBTC, UBA N800m Over Cryptocurrency Related Transactions
The Central Bank of Nigeria has fined Access Bank Plc, Stanbic Bank and United Bank for Africa a total of N800m for cryptocurrency related transactions.
The fines reeled by the apex bank are part of the CBN effort to enforce its decision to ban cryptocurrency transactions from the official banking system.
Advertisement
On February 5, the bank released a circular accusing cryptocurrency over its threat
The CBN ordered banks to close accounts of both individuals and companies with crypto related transactions.
According to Bloomberg, Access Bank Plc was fined N500m for not closing customers’ crypto accounts since 2021.
United Bank for Africa Plc was also fined N100m over digital-currency transactions by a customer.
Advertisement
Stanbic IBTC Bank, a unit of the Standard Bank Group Ltd. was fined N200m($478,595) for alleged crypto transactions traced to two accounts, Bloomberg quoted the Chief Executive Officer Wole Adeniyi.
The CEO claimed the transaction may have passed its system undictated.
“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,” he said.
