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CBN fines Access Bank N500mn, Stanbic IBTC N200 million for permitting crypto transactions

According to Bloomberg, the Central Bank of Nigeria (CBN) levied monetary sanctions on Stanbic IBTC Bank and Access Bank for allowing customers to conduct crypto transactions in violation of a regulator mandate issued last year prohibiting such activities.

Last February, the CBN imposed a ban on cryptocurrency trading, instructing banks to refuse transactions in the cryptocurrency, citing the risk of exposing the financial system to risk.

According to the news site, Access Bank was fined N500 million, while Stanbic IBTC was fined N200 million, as revealed at a virtual investor call held by the latter on Tuesday in Lagos.

United Bank for Africa, one of Nigeria's five largest banks in terms of assets, was also hit by the regulator, and was fined N100 million.


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