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Four banks have been fined by the Central Bank of Nigeria (CBN) for flouting its directive on cryptocurrency transactions.

Recall that the CBN had in February 2021 ordered all banks to close accounts of anyone who transacts in cryptocurrency, because dealing in cryptocurrency or facilitating payments for cryptocurrency exchanges is prohibited.

In a report by Bloomberg on Wednesday, the CBN fined Stanbic IBTC Bank, Access Bank, United Bank for Africa and Fidelity Bank for their failure to comply with the released regulation.

According to the report, Stanbic Bank, was fined N200 million for two accounts alleged to have been used for crypto accounts, Access Bank was fined N500 million for failure to close customers’ crypto accounts; UBA was fined N100 million and Fidelity Bank was fined N14.3 million.

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