Report: Four Nigerian Lenders Penalized for Failing to Block Crypto Transactions – Regulation Bitcoin News

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Report: Four Nigerian Lenders Penalized for Failing to Block Crypto Transactions – Regulation Bitcoin News
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The central bank is now sharing access to its “advanced ability” with lenders that are eager to avoid its sanctions. CBN cryptocurrency

The Nigerian central bank recently fined four financial institutions it accuses of failing to stop clients from using their respective platforms to conduct cryptocurrency transactions. According to one of the affected institutions, the central bank is using a certain “advanced ability” to detect crypto transactions.

While Adeniyi insisted that his organization is complying with the CBN’s directive, he admitted that his bank was unable to detect the transactions that ultimately prompted the central bank to take action. Unlike financial institutions, the CBN is reported to have access to an “advanced ability” that enables it to detect cryptocurrencies.As explained in the report, the central bank is now sharing access to its “advanced ability” with lenders that are eager to avoid its sanctions.

“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,” Adeniyi is quoted explaining. Besides Adeniyi’s bank, the CBN is reported to have imposed a fine of nearly $1.2 million against Access Bank Plc after the lender failed to close a client’s crypto account. United Bank for Africa was fined an equivalent of $239,000, while Fidelity Bank is expected to pay just over $34,000.

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