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Economy and Business

CBN fines Access Bank N500 million for Hiding Illegal Crypto Deals

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The Central Bank of Nigeria, CBN has punished Access Bank and Stanbic IBTC for hiding cryptocurrency deals.

The Apex Bank fined both banks for breaching a ban on Cryptocurrency transactions put in place last year.

POLITICS NIGERIA learned that Access Bank, the commercial banking division of the country’s biggest lender Access Holdings, which converted to a holding company this February, got N500 million in fine, Stanbic IBTC’s penalty was N200 million.

The CBN banned cryptocurrency because they could trigger an exposure of the financial system to danger.

Speaking on the matter, Stanbic IBTC’s chief, stated his bank heeded the order but admitted the two deals for which it is being punished is more of negligence than infringement.

Nigeria, Africa’s biggest economy, is responsible for the biggest size of digital currency deals in the world, according to Paxful, which runs a platform for trading in Bitcoin.

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