TechFlow News — In response to reports claiming that "the Central Bank of Nigeria (CBN) has issued a ban on cryptocurrency transactions and ordered financial institutions to freeze accounts linked to Bybit, KuCoin, OKX, and Binance," the CBN has clarified that it did not release such a notice. The public is advised to verify information through official channels to ensure accuracy.
Yesterday, according to Cointelegraph, a screenshot circulated showing that the Central Bank of Nigeria instructed all banks and financial institutions to identify individuals or entities involved in transactions with cryptocurrency exchanges and place these accounts on a "Prohibited from Debit" (PND) status for six months, effectively preventing account holders from withdrawing funds or making payments.
The screenshot listed cryptocurrency exchanges operating in Nigeria without proper authorization, including Bybit, KuCoin, OKX, and Binance. The CBN stated it would crack down on unauthorized purchases and sales of the stablecoin USDT on these platforms, particularly those conducted via peer-to-peer (P2P) transactions. Additionally, the CBN emphasized that financial institutions are prohibited from engaging in cryptocurrency transactions or providing payment services to crypto exchanges.
