The Central Bank of Nigeria has directed banks to suspend the accounts of clients associated with Binance, Bybit, KuCoin, and OKX.

🇳🇬 The Central Bank of Nigeria (CBN) has instructed local financial institutions to identify and freeze the accounts of individuals or entities engaged in transactions with cryptocurrency exchanges for a period of six months, according to a circular cited by Cointelegraph.

😳 Bybit, KuCoin, OKX, and Binance were included in the list by the CBN as they lack licenses to operate in Nigeria.

👆 Additionally, the regulator plans to closely monitor USDT transactions on peer-to-peer platforms and aid in apprehending those illicitly involved with cryptocurrency exchanges.

✔️ CBN has announced a ban on regulated financial institutions from dealing with cryptocurrency and facilitating exchange transactions.

Previously, since December 2023, 🏦 banks were permitted to provide services to cryptocurrency companies, including opening accounts and offering settlement services.