The Union Bank of Nigeria (UBN) stirred up controversy after it announced its intention to restrict cryptocurrency trading activities. The bank, which is the sixth largest bank by assets in the African country, issued a general notice it will henceforth monitor all accounts linked to cryptocurrency transactions. The notice was sent out to its customers and later published by the Nigerian online community Nairaland.
“Dear Customer, the Central Bank of Nigeria (CBN) has advised that cryptocurrency is not a legal tender in Nigeria and has cautioned against transacting in them,” opens UBN’s email, before explaining the bank will be monitoring digital asset activities in order to ‘guarantee the security of customers’ funds’. UNB also warned it may close accounts linked to such activities.
While the email quotes Central Bank of Nigeria’s ‘string of cautionary statements’ against cryptocurrencies, CBN has not yet taken any measures against crypto trading activities.
A Wave of Backlash
The email, which flew under the radar before it was republis...
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