CBN FINES FOUR BANKS OVER N800M FOR VIOLATING CRYPTO POLICY

The Central Bank has fined four banks for flouting its directive on cryptocurrency transactions.

The CBN had in February 2021 ordered all banks to close accounts of anyone who transacts in cryptocurrency, stressing that dealing in cryptocurrency or facilitating payments for cryptocurrency exchanges is prohibited.

In a report issued today, the CBN has now fined at least four banks for failing to comply with that regulation and they include Stanbic IBTC Bank, Access Bank, United Bank for Africa and Fidelity Bank.

Stanbic Bank, according to the report was fined N200 million for two accounts alleged to have been used for crypto accounts, while Access Bank was fined N500 million for failure to close customers crypto accounts; UBA was fined N100 million and Fidelity Bank was fined N14.3 million.