Sunday, January 29, 2023
  • Home
  • TechBooky
  • Business
  • TV
  • Startup
TechBooky Africa
  • Home
  • TechBooky
  • Business
  • TV
  • Startup
  • Fintech/Finance
  • Login
No Result
View All Result
TechBooky Africa
Home Banking

The CBN Charged Six Commercial Banks N1.315 Billion For Erring It Crypto Policy

The CBN continues to compile its list of commercial banks violators indulging in the crypto market.

Eni by Eni
April 8, 2022
in Banking, Cryptocurrency
0

The Nigerian regulatory system has been buzzing with diverse levels of policy violations actors. The Central Bank of Nigeria’s regulatory systems trends the African financial market with the billion Naira worth of lawsuits filed against six commercial banks in Nigeria. Several cases have reported victims of regulatory charges are due to zero regard for extant policies

Related posts

The South African Reserve Bank (SARB) has Revealed Plans to Regulate the Crypto Market.

The South African Reserve Bank (SARB) has Revealed Plans to Regulate the Crypto Market.

July 15, 2022
Novi Wallet to End Corporate Alliance with Meta by September.

Novi Wallet to End Corporate Alliance with Meta by September.

July 6, 2022

Recall, that the CBN’s previous policy prohibits commercial banks from trading with cryptocurrency or any featured means of transacting with cryptocurrencies. The CBN cryptocurrency restrictions in the Nigerian financial markets serve partial roleplay where the federal regulator solely comprehends how beneficial the sanctioned crypto market leverage financial inclusion.

The CBN fined six commercial banks such as Fidelity Bank, Access Bank, Wema Bank, Stanbic IBTC, First City Monument Bank (FCMB), and the United Bank of Africa (UBA) for erring policy in allowing their customers to transact with cryptocurrencies. This places the commercial banks vulnerable to CBN’s regulations and likewise bolsters the CBN’s ego flaunting its professionalism in detecting clandestine operations.

Cryptocurrency network complexity exists in blockchain technology and is visible to crypto traders. The CBN’s Arcanum intelligence penetrated commercial banks’ networks to access its cryptocurrency exchange dealings unaware of commercial banks because its customers’ cryptocurrency exchange operated stealthily.

The affected commercial banks omitted the cryptocurrency dealings visible on their books of accounts the CBN detected after scrutiny. The CBN did not take chances to scold commercial banks for erring their authority. The CBN rulings fined commercial banks differently per the level of cryptocurrency transaction exchange via their commercial banks’ network.

A preview of CBN fines for erred policy:
Access Bank was charged the highest fine of N500m due to its neglect of shutting down the cryptocurrency network its customers created per the smooth banking interaction Access bank established. Access bank is the biggest lender institution in Africa per the enormous amount of assets the CBN revealed Access Bank derived most of its assets from the crypto market.

The First City Monument Bank (FCMB) makes second on the list of commercial banks to face CBN’s lawsuit. The FCMB is charged an N400m fine for the negligence of closing four accounts the CBN detected to be linked to the crypto market for possible exchange.

Stanbic IBTC makes the CBN’s list facing an N200m lawsuit charge for erring the CBN anti-cryptocurrency policy. The CBN detected two accounts linked with the crypto market for possible financial inclusion. The crypto account was linked to the local unit of Standard Bank Group Ltd.

The likes of UBA and Wema bank got the same level of CBN fine charged a hundred million Naira each for allowing customers to participate in the crypto market.

On the other hand, Fidelity bank was charged the least fine of N14.28 million. The CBN claims Fidelity bank’s tie with cryptocurrency is not as severe as the likes of other banks listed above.

The CBN remains the apex bank of all other banks in Nigeria which also includes its regulatory system that serves as a watchdog to the banking industry. The CBN boasts of its advanced capacity detectable to cryptocurrency exchange regardless of the P2P system customers have used to maneuver commercial banks’ involvement.

Still, the P2P network cannot evade the CBN’s advanced capacity technique detectable to commercial banks’ involvement with the crypto market. The CBN has reportedly fined six commercial banks N1.315 billion for erring its cryptocurrency policy. Techbooky suggests that more commercial banks will be added to the list for erred policy by the apex bank of Nigeria.

Total
4
Shares
Share 4
Tweet 0
Pin it 0
Share 0
Tags: cbnCommercial banksCryptocurrency market
Previous Post

Bet9ja Revealed Blackcat’s Strains Of Codes Hacking Into Its Gaming System.

Next Post

Google Commence Its Billion Dollars Technology Transition Initiative Debuting Subsea Cables Installation In Nigeria.

Next Post
Google Commence Its Billion Dollars Technology Transition Initiative Debuting Subsea Cables Installation In Nigeria.

Google Commence Its Billion Dollars Technology Transition Initiative Debuting Subsea Cables Installation In Nigeria.

RECOMMENDED NEWS

Convergence Partners: Fixed Broadband Only Reached 7% OF Sub-Sahara Africa

Convergence Partners: Fixed Broadband Only Reached 7% OF Sub-Sahara Africa

1 year ago
Nigerian Mobility Startup Plentywaka Closes $1.2m Seed Round, Acquires Ghana’s Stabus

Nigerian Mobility Startup Plentywaka Closes $1.2m Seed Round, Acquires Ghana’s Stabus

1 year ago
FG Orders Telecom Services To Shut Down Operations In Zamfara, Moves To Decimate Banditry

FG Orders Telecom Services To Shut Down Operations In Zamfara, Moves To Decimate Banditry

1 year ago
Nigerian Tech Company, Cloud Exchange Launches Data Centre After Huawei Partnership

Nigerian Tech Company, Cloud Exchange Launches Data Centre After Huawei Partnership

1 year ago

FOLLOW US

  • 70.9k Followers

BROWSE BY CATEGORIES

  • App
  • Banking
  • Business
  • Cryptocurrency
  • Cybersecurity
  • East Africa
  • Economy
  • Enterprise
  • Event
  • Fintech/Finance
  • Funding
  • Gadget
  • Government
  • Insight
  • Internet
  • Investment
  • Nigerian/African Tech
  • North Africa
  • Personnel
  • Research/How to do it
  • Service
  • Social Media
  • Southern Africa
  • Startup
  • Telecom
  • Transport
  • Uncategorized
  • West Africa

BROWSE BY TOPICS

5g acquisition africa app banking CBDC cbn central bank of nigeria cloud cryptocurrency Crypto market cybersecurity e-commerce e-naira east africa ecommerce economy enterprise fintech funding Fundraising google government inec internet investment kenya License microsoft mtn ncc nigeria Partnership Regulator remittance ride hailing seed social media software south africa startup technology telecom twitter west africa

Featured Categories

App
19 Posts
View Posts
Banking
17 Posts
View Posts
Business
7 Posts
View Posts
Cryptocurrency
27 Posts
View Posts
Cybersecurity
13 Posts
View Posts
East Africa
23 Posts
View Posts
Economy
18 Posts
View Posts
Enterprise
31 Posts
View Posts
Event
9 Posts
View Posts
Fintech/Finance
83 Posts
View Posts
Funding
29 Posts
View Posts
Gadget
11 Posts
View Posts
Government
55 Posts
View Posts
Insight
4 Posts
View Posts
Internet
20 Posts
View Posts
Investment
18 Posts
View Posts
Nigerian/African Tech
31 Posts
View Posts
North Africa
2 Posts
View Posts
Personnel
2 Posts
View Posts
Research/How to do it
2 Posts
View Posts
Service
8 Posts
View Posts
Social Media
19 Posts
View Posts
Southern Africa
17 Posts
View Posts
Startup
83 Posts
View Posts
Telecom
35 Posts
View Posts
Transport
10 Posts
View Posts
Uncategorized
2 Posts
View Posts
West Africa
41 Posts
View Posts
No Result
View All Result
Loading
  • Amazon & Stripe
    Stripe & Amazon Iterated Partnership Deal Will Integrate FinTech & Cloud Services For Global Penetration.
    • January 25, 2023
  • Airtel eSIM
    Airtel Launches eSIM Technology In Nigeria
    • January 25, 2023
  • Mafab Communication Debut 5G Cellular Data In Nigeria.
    • January 24, 2023
  • Spotify
    Tech Retrenchment: Spotify Has Prepared To Cut It Global Workforce This Week.
    • January 24, 2023
  • Kuda Bank
    The SBP Issues Kuda Bank FinTech License to Operate In Pakistan.
    • January 24, 2023
TechBooky Africa

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc.

Follow us on social media:

Recent News

  • Stripe & Amazon Iterated Partnership Deal Will Integrate FinTech & Cloud Services For Global Penetration.
  • Airtel Launches eSIM Technology In Nigeria
  • Mafab Communication Debut 5G Cellular Data In Nigeria.

Category

  • App
  • Banking
  • Business
  • Cryptocurrency
  • Cybersecurity
  • East Africa
  • Economy
  • Enterprise
  • Event
  • Fintech/Finance
  • Funding
  • Gadget
  • Government
  • Insight
  • Internet
  • Investment
  • Nigerian/African Tech
  • North Africa
  • Personnel
  • Research/How to do it
  • Service
  • Social Media
  • Southern Africa
  • Startup
  • Telecom
  • Transport
  • Uncategorized
  • West Africa
  • Home
  • TechBooky
  • Business
  • Video
  • Contact Us

© 2022 Techbooky Africa .

No Result
View All Result
  • Home
  • TechBooky
  • Business
  • TV
  • Startup

© 2022 Techbooky Africa .

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In