Nigeria Cracks Down on Crypto Traders' Bank Accounts
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Feb. 5, 2021

The Central Bank of Nigeria (CBN) has issued an order to close all bank account of users, associated with cryptocurrency activity. According to the letter, the taken measures are focused on regulating crypto-related risks.

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"...the Bank hereby wishes to remind regulated institutions that dealing in crypto currencies of facilitating payments for cryptocurrency exchanges is prohibited," states the letter.

The CBN's actions comes after the South African regulator sent out audit requests to cryptocurrency traders requesting them to disclose the amount of trades.

Nigeria to Regulate Cryptocurrency Trading for Fair and Efficient Market

In particular, the South African Revenue Service (SARS) wants to know the purpose for which the taxpayers purchased cryptocurrency and a letter from the crypto provider confirming the investments.

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