Nigeria’s Central Bank to Freeze Bybit, KuCoin, OKX, Binance Accounts

• CBN instructs banks to identify and freeze accounts involved in crypto transactions.
• Regulated financial institutions are banned from accepting cryptocurrency payments.
• The government scrutinizes platforms like Binance for alleged regulatory breaches.

The Central Bank of Nigeria (CBN) has directed all banks and financial institutions to identify individuals or entities involved in transactions with cryptocurrency exchanges. Per CBN’s instructions, such accounts should be placed on a Post No Debit (PND) instruction for six months.

Under the “Post No Debit instructions,” customers are prohibited from conducting certain transactions, such as withdrawing funds or making payments. In light of this, the CBN released a circular identifying Bybit, KuCoin, OKX, and Binance as crypto exchange platforms lacking operational licenses in Nigeria.

The apex bank has emphasized its determination to clamp down on individuals illicitly trading Tether USDT on the platforms mentioned, particularly through peer-to-peer (P2P).

Furthermore, the CBN asserted that regulated financial institutions are prohibited from accepting or facilitating cryptocurrency payments. This s…

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