Summary
TLDR: Central Bank of Nigeria directs financial institutions to monitor and report on activities involving global cryptocurrency platforms. CBN to arrest USDT traders and impose sanctions for non-compliance. Local crypto exchanges spared due to proactive licensing efforts. Binance under fire for tax evasion, faces legal challenges. Nigerian authorities intensify crypto oversight in line with global trend of tighter regulation.
Key Points
1. The Central Bank of Nigeria (CBN) is focusing on regulating global cryptocurrency platforms such as Bybit, KuCoin, OKX, and Binance, and warning financial entities nationwide.
2. The CBN has directed financial institutions to monitor and report on cryptocurrency transactions, flag and restrict accounts suspected of engaging in such transactions, and implement a post-no-debit (PND) order for six months on relevant accounts with heavy sanctions for non-compliance.
3. Local cryptocurrency exchanges in Nigeria have been spared in the recent circular, potentially due to their proactive efforts in obtaining necessary operational licenses.