Banks in nigeria rigorously tracking customer’s accounts for crypto trading

Individual accounts with multi-day entries and exits are monitored at the request of the country’s central bank.

In Nigeria, commercial banks have started monitoring accounts that appear to be used for cryptocurrency exchange.

Nigeria (CBN) requires all commercial banks to freeze the accounts of at least two people involved in cryptocurrency trading.

According to a report released locally by Leadership, an internal memo from one of the banks asking the staff to begin overseeing accounts with a large transaction volume or According to Leadership, the memo reads: “We would like to reiterate that CBN is closely monitoring the failure to follow the directive to close all accounts related to cryptography for high impact sanctions. . In view of the above, it is advisable for all employees to identify the entities that trade or operate cryptocurrency exchanges in their systems and ensure that these accounts are closed immediately. “

All employees are now required to participate in the monitoring of accounts, transactions and customers to ensure the bank is in full compliance with CBN requirements, according to internal communications, transaction volume translated daily without payment authorization or any account containing crypto in their memo or business manifest. In addition, accounts that receive a lot of money from multiple payees and make numerous payments to several beneficiaries will also be under suspicion.

The CBN claims in the letter, which began circulating on social media less than a week after the eNaira launched, that the accounts are being utilized for cryptocurrency trading and thus violate the central bank’s Feb.5 order.
In a message on Twitter, Senator Ihenyen, who leads the Stakeholders in Blockchain Technology Association of Nigeria, slammed the CBN’s decision as illegal and unjust. According to Ihenyen, it is only the Nigerian legislature that has the authority to oversee Bitcoin (BTC) regulation.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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