Binance, the world's largest cryptocurrency exchange, has had problems for a while. A harsh move came from Nigeria against four exchanges, including Binance.
In this context, the Central Bank of Nigeria issued a circular requiring all banks and financial institutions to identify individuals or entities trading with cryptocurrency exchanges, including Binance, Bybit, KuCoin and OKX, and ensure that these accounts remain in banned status for six months.
The Central Bank of Nigeria stated the following in its circular:
“Firstly, the bank would like to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.
In particular, all suspects who illegally buy and sell USDT on the specified cryptocurrency exchanges will be caught. “The duty of the Central Bank of Nigeria is to investigate the economic problem in the country, identify and arrest the perpetrator who is secretly working with everyone.”
Speaking to Coindesk, Nathaniel Luz, CEO of OTC crypto platform Flincap, said, “It is noteworthy that there is no mention of any domestic crypto exchanges in the latest circular issued by the Central Bank of Nigeria, this is probably because many Nigerian crypto companies such as Flincap are actively pursuing the necessary licenses.” said.