Nigerian Central Bank Denies Issuing Directive Against Crypto Exchanges

Recent reports claiming that the Central Bank of Nigeria (CBN) directed financial institutions to monitor transactions with crypto exchanges like Binance, Bybit, KuCoin, and OKX have been proven false.

The misinformation was based on a letter that circulated in media outlets, which the CBN confirmed did not originate from their office.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What Are Crypto Rollups? ZKSnarks vs Optimistic Rollups (ANIMATED)

SUBSCRIBE

ON YOUTUBE

The document instructed Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), Other Financial Institutions (OFIs), and the public to identify and monitor entities dealing with major crypto platforms, threatening severe penalties for non-compliance.

However, the CBN has officially denied these claims, stating that this information was fake and urged the public to rely only on official communications directly from their channels.

This episode highlights the importance of evaluating information and relying on trustworthy sources.

However, it is understandable why such documents would seem believable, especially in the context of legal disputes between crypto exchanges and Nigerian authorities, notably involving Binance.

Binance has faced accusations of enabling illegal money flows and manipulating the Nigerian naira.

The case took a turn when Nigerian authorities invited and then detained two Binance executives. One of these executives escaped custody and was later found in Kenya, awaiting potential extradition back to Nigeria. Meanwhile, the other executive remained in Nigeria and is now fighting money laundering charges.

Aaron S., Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

Full Bio

All Expert Contributors & Analysts