Cryptocurrency: ‘Your funds intact, CBN ban will be resolved soon’

A major cryptocurrency exchange in Africa has expressed confidence that the ban on cryptocurrency transactions in Nigeria by the Central Bank of Nigeria will be resolved soon.

CoinNest Africa also assured customers of the safety of their funds and transactions on its platforms.

“In light of the new CBN regulation and messages received from several concerned customers, we would like to assure you that our platforms will continue as normal while we closely monitor the situation,” it said on its official Twitter handle.

It added, “This latest development raises more questions than there are answers for but accept our assurances that your funds and transactions remain completely safe and secure. Our response time also remains as swift as always. 

“We are confident that this will be resolved soon, as there is no stopping the future, and cryptocurrency is that future.”

The CBN had on Friday ordered deposit money banks and other financial institutions in the country to close all cryptocurrency accounts within their systems with immediate effect.

It noted that it had in January cautioned banks, other financial institutions and the general public on the risk associated with transactions in cryptocurrency.

The central bank said, “Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing with cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.

“Accordingly, all DMBs, NBFIs, and OFIs are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.”

The CBN said breach of the directive would attract severe regulatory sanctions.

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