CBN ban Cryptocurrecy [Dogecoin, Bitcoin, Ethereum].Major cryptocurrency companies with large user base in Nigeria have declared openly the suspension of naira deposits following the Central Bank of Nigeria’s directive to financial institutions and fintech firms to ban all cryptocurrency related accounts.
Luno, Binance and Bundle are some of the cryptocurrency firms which have made this announcement in detached statements on Friday.
They said they were mindful of the circular issued by the Central Bank of Nigeria instructing financial institutions in the country to shut down bank accounts held by cryptocurrency service providers.
They however ensured their clients that withdrawals could be made by those interested but could be obstructed.
According to Luno, clients’ funds are safe and will keep updating them on all developments as quickly as they are received.
Luno with headquarters in London with regional hubs in Singapore and Cape Town, said, ““Luno will proceed to operate as normal while we explore further clarity from the authorities. Some Naira deposit methods are currently involved, please check the status page for updates. Withdrawals are unaffected and will proceed to be processed, but may take lengthier than usual. All client funds are completely safe.
“Luno has always helped closely with controls in Africa and all regions in which we operate, and will continue to do so. Nigeria’s regulators have taken a pragmatic and forward-looking technique to cryptocurrency in the past and we’re convinced that this matter can be resolved quickly, so Nigeria can continue to play a central role in the growth of cryptocurrency”, the statement reads.
CBN ban Cryptocurrecy [Dogecoin, Bitcoin, Ethereum]., a cryptocurrency exchange that provides a platform for trading many cryptocurrencies, has also suspended Nigerian Naira deposit.
Binance remarked, “Please note all your accounts on Binance.com remain safe and crypto services on Binance.com will resume as normal. However, our NGN payment partners are suspending deposit assistance until further notice.
“From 7PM on Feb 5th 2021, Binance will temporarily suspend NGN deposits through our fiat partner channels. Withdrawal services remain normal and will proceed to be processed but might take slightly longer time than usual.
“We apologise for any inconvenience this may cause. We will continue to provide further updates as soon as they become available, and we are working closely with all relevant stakeholders. Binance remains committed to supporting the growth of the blockchain ecosystem in Africa.
Bundle said, “Due to the notice, our naira payment partners have agreed to suspend crypto-related payments for now, so we have suspended naira deposits until this is resolved. we’re sorry for any difficulty this may cause you.”
The CBN, in a circular published on Friday, February 5, instructed and prompted local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.
The apex bank instructed the financial institutions to immediately shut down the accounts of such persons or entities transacting in or operating cryptocurrency exchange.