TechFlow reports, according to Cointelegraph, the Central Bank of Nigeria (CBN) has instructed all banks and financial institutions to identify individuals or entities trading with cryptocurrency exchanges and to set these accounts to "debit prohibition" status within six months. The CBN listed crypto exchanges operating in Nigeria without proper licenses, including Bybit, KuCoin, OKX, and Binance. Banks are now required to crack down on illegal purchases and sales of USD-pegged stablecoins like USDT on these platforms, particularly through peer-to-peer (P2P) transactions.
In addition, the CBN stated that financial institutions are prohibited from engaging in cryptocurrency transactions or providing payment services to crypto exchanges.
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