CBN fines 6 banks N1.31bn for flouting directive on crypto accounts

07 Apr CBN fines 6 banks N1.31bn for flouting directive on crypto accounts

The Central Bank of Nigeria (CBN) has penalised six banks for N1.314 billion over alleged non-compliance with a regulation on cryptocurrency accounts.

The banks include Stanbic IBTC, First City Monument Bank (FCMB), Access Bank, Wema Bank, United Bank for Africa (UBA) and Fidelity Bank.

In February 2021, the apex bank directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

In the circular released to deposit money banks (DMB), non-bank financial institutions (NBFIs), and other financial institutions (OFIs), the apex bank noted that disobedience to the directive would attract severe penalties.