News Explorer — Nigeria's Central Bank Instructs Financial Institutions to Report Transactions With Some Crypto Exchanges

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Apr 24, 9:26 am

Coindesk

Nigeria's Central Bank Instructs Financial Institutions to Report Transactions With Some Crypto Exchanges

The Central Bank of Nigeria has directed financial institutions to identify and report individuals or entities transacting with Bybit, KuCoin, OKX, and Binance. The bank also reminded institutions that dealing in cryptocurrencies or facilitating payments for crypto exchanges is prohibited. The directive includes putting identified accounts on Post No Debit instruction for six months, with severe regulatory sanctions for any breaches.

The Central Bank of Nigeria has directed financial institutions to identify and report individuals or entities transacting with Bybit, KuCoin, OKX, and Binance. The bank also reminded institutions that dealing in cryptocurrencies or facilitating payments for crypto exchanges is prohibited. The directive includes putting identified accounts on Post No Debit instruction for six months, with severe regulatory sanctions for any breaches.

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