CBN fines Access Bank, Stanbic IBTC N800m for cryptocurrency-related transactions

The Central Bank of Nigeria (CBN) has fined three commercial banks N800 million for allowing cryptocurrency transactions in the country.

The doomed banks are; Access Bank Plc, Stanbic Bank and United Bank for Africa.

The fines imposed by the apex bank are part of the CBN’s efforts to enforce its decision to ban cryptocurrency transactions from the official banking system.

According to Bloombergthe sanctions are part of the CBN’s efforts to tighten cryptocurrency, ensuring trade restrictions on cryptocurrency trading are in place.

It has also been revealed that CBN has the ability to detect cryptocurrency transactions that commercial banks may have overlooked.

The apex bank had, in a circular last year, barred all commercial banks from executing cryptocurrency transactions in Nigeria. He ordered banks to close the accounts of individuals and businesses carrying out crypto-related transactions.

Access Bank Plc has been fined N500 million for failing to close customer crypto accounts since 2021.

United Bank for Africa Plc was also fined N100 million for digital currency transactions by a customer.

Stanbic IBTC Bank, a unit of Standard Bank Group Ltd., has been fined 200 million naira ($478,595) for alleged crypto transactions linked to two accounts, chief executive Wole Adeniyi said.

The CEO claimed that the transaction may have passed his system without indication.

“It doesn’t look like they’re going to accept a refund, but they’re now sharing intelligence with us to be able to deter customers,” he said.

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