• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home Business

The CBN Charged Six Commercial Banks N1.315 Billion For Erring It Crypto Policy

The CBN continues to compile its list of commercial banks violators indulging in the crypto market.

by
April 8, 2022
in Business
Share on FacebookShare on Twitter

The Nigerian regulatory system has been buzzing with diverse levels of policy violations actors. The Central Bank of Nigeria’s regulatory systems trends the African financial market with the billion Naira worth of lawsuits filed against six commercial banks in Nigeria. Several cases have reported victims of regulatory charges are due to zero regard for extant policies

Recall, that the CBN’s previous policy prohibits commercial banks from trading with cryptocurrency or any featured means of transacting with cryptocurrencies. The CBN cryptocurrency restrictions in the Nigerian financial markets serve partial roleplay where the federal regulator solely comprehends how beneficial the sanctioned crypto market leverage financial inclusion.

The CBN fined six commercial banks such as Fidelity Bank, Access Bank, Wema Bank, Stanbic IBTC, First City Monument Bank (FCMB), and the United Bank of Africa (UBA) for erring policy in allowing their customers to transact with cryptocurrencies. This places the commercial banks vulnerable to CBN’s regulations and likewise bolsters the CBN’s ego flaunting its professionalism in detecting clandestine operations.

Cryptocurrency network complexity exists in blockchain technology and is visible to crypto traders. The CBN’s Arcanum intelligence penetrated commercial banks’ networks to access its cryptocurrency exchange dealings unaware of commercial banks because its customers’ cryptocurrency exchange operated stealthily.

The affected commercial banks omitted the cryptocurrency dealings visible on their books of accounts the CBN detected after scrutiny. The CBN did not take chances to scold commercial banks for erring their authority. The CBN rulings fined commercial banks differently per the level of cryptocurrency transaction exchange via their commercial banks’ network.

A preview of CBN fines for erred policy:
Access Bank was charged the highest fine of N500m due to its neglect of shutting down the cryptocurrency network its customers created per the smooth banking interaction Access bank established. Access bank is the biggest lender institution in Africa per the enormous amount of assets the CBN revealed Access Bank derived most of its assets from the crypto market.

The First City Monument Bank (FCMB) makes second on the list of commercial banks to face CBN’s lawsuit. The FCMB is charged an N400m fine for the negligence of closing four accounts the CBN detected to be linked to the crypto market for possible exchange.

Stanbic IBTC makes the CBN’s list facing an N200m lawsuit charge for erring the CBN anti-cryptocurrency policy. The CBN detected two accounts linked with the crypto market for possible financial inclusion. The crypto account was linked to the local unit of Standard Bank Group Ltd.

The likes of UBA and Wema bank got the same level of CBN fine charged a hundred million Naira each for allowing customers to participate in the crypto market.

On the other hand, Fidelity bank was charged the least fine of N14.28 million. The CBN claims Fidelity bank’s tie with cryptocurrency is not as severe as the likes of other banks listed above.

The CBN remains the apex bank of all other banks in Nigeria which also includes its regulatory system that serves as a watchdog to the banking industry. The CBN boasts of its advanced capacity detectable to cryptocurrency exchange regardless of the P2P system customers have used to maneuver commercial banks’ involvement.

Still, the P2P network cannot evade the CBN’s advanced capacity technique detectable to commercial banks’ involvement with the crypto market. The CBN has reportedly fined six commercial banks N1.315 billion for erring its cryptocurrency policy. Techbooky suggests that more commercial banks will be added to the list for erred policy by the apex bank of Nigeria.

Related Posts:

  • Etisalat-NCC
    The FG/CBN Signed A Partnership Deal With R3…
  • MetaMask & MoonPay Partnership Deal Will Leverage Seamless Crypto Purchases Via Direct Bank Transfer.
    MetaMask & MoonPay Partnership Deal Will…
  • The South African Reserve Bank (SARB) has Revealed Plans to Regulate the Crypto Market.
    The South African Reserve Bank (SARB) has Revealed…
  • Telecom-Operators-to-Disconnect-Banks-over-Huge-USSD-Debt
    The ALTON Backed MTNN, Glo, Airtel & Others To…
  • 1200×800
    Zambia Promises To Launch Its CBDC Regulations By June
  • Binance Now Allows Naira Deposits And Withdrawals Irrespective Of The crypto Ban
    Binance Now Allows Naira Deposits And Withdrawals…
  • Why The CBN May Need To Review The Ban On Crypto To…
  • 22aee16e43e33d890ee49cfcebbe3d94
    Binance Will Exit Nigeria With The End Of Its NGN Services

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: cbnCommercial banksCryptocurrency market

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Truecaller Filters Verified Business Messages May 12, 2025
    • ChatGPT Deep Research Now Links to GitHub Repos May 12, 2025
    • Microsoft Offers Guide to Fix Windows Blue Screen Errors May 12, 2025
    • We’ve Invested $10b in Nigeria so Far – MTN May 12, 2025
    • Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 3 May 11, 2025
    • Google’s Antitrust Showdown, AI vs. Search, and other Headlines May 11, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Popular Tags

    africa (135) AI (498) android (367) app (717) Apple (577) artificial intelligence (419) business (482) china (132) cryptocurrency (210) ecommerce (122) enterprise (287) facebook (507) fintech (244) funding (121) gadget (558) gaming (201) google (710) government (469) instagram (173) internet (467) ios (291) iphone (246) meta (116) microsoft (369) mobile (352) new feature (384) nigeria (440) privacy (158) research (140) samsung (185) security (421) smartphone (277) social media (836) software (509) startup (419) streaming (174) telecom (242) tips (372) twitter (289) united states (216) users (158) videos (127) website (173) whatsapp (201) youtube (138)

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    About Us

    TechBooky

    TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

    Recent News

    Truecaller Filters Verified Business Messages

    Truecaller Filters Verified Business Messages

    May 12, 2025
    ChatGPT Deep Research Now Links to GitHub Repos

    ChatGPT Deep Research Now Links to GitHub Repos

    May 12, 2025
    Microsoft Offers Guide to Fix Windows Blue Screen Errors

    Microsoft Offers Guide to Fix Windows Blue Screen Errors

    May 12, 2025
    The NCC Commissioned MTNN To Lease Spectrums From NTEL And Renew Its 3G Spectrum

    We’ve Invested $10b in Nigeria so Far – MTN

    May 12, 2025
    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 3

    May 11, 2025
    Google’s Antitrust Showdown, AI vs. Search, and other Headlines

    Google’s Antitrust Showdown, AI vs. Search, and other Headlines

    May 11, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok