CBN Fines Three Banks N800m Over Crypto Transactions

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The CBN of Nigeria has imposed an N800m fine on three Deposit Money Banks in the country

The imposed fine was for violating regulations barring customers from transacting in cryptocurrencies.

According to a Bloomberg report released on Wednesday, the three banks are Access Bank Plc, Stanbic IBTC, and the United Bank for Africa Plc.

The report noted that the penalties were part of efforts by the apex bank to ensure that banks implement an order to block trading in cryptocurrencies due to the threat they pose to Nigeria’s financial system.

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