The Central Bank of Nigeria (CBN) has fined Union Bank of Nigeria (UBN) 200 million naira (about
433
,000) for violating the country’s regulations on cryptocurrency transactions. UBN disclosed the fine in its consolidated and separate financial statements for the year ended December 31, 2022, which it published on Wednesday.
The central bank has previously warned commercial banks against conducting cryptocurrency transactions by allowing accounts to receive and send funds related to digital currencies. It is reported that the CBN led by Godwin Emefiele took an opposing stance on cryptocurrencies, and eventually Nigeria banned cryptocurrency transactions on February 5, 2021. (Ripples Nigeria)
433
,000) for violating the country’s regulations on cryptocurrency transactions. UBN disclosed the fine in its consolidated and separate financial statements for the year ended December 31, 2022, which it published on Wednesday. The central bank has previously warned commercial banks against conducting cryptocurrency transactions by allowing accounts to receive and send funds related to digital currencies. It is reported that the CBN led by Godwin Emefiele took an opposing stance on cryptocurrencies, and eventually Nigeria banned cryptocurrency transactions on February 5, 2021. (Ripples Nigeria)