The Central Bank of Nigeria (CBN) has imposed sanctions on six banks for violating its directive of barring customers from transacting in cryptocurrencies.
Okay.ng understands that the banks include Stanbic IBTC, First City Monument Bank (FCMB), Access Bank, Wema Bank, United Bank for Africa (UBA) and Fidelity Bank.
It can be recalled that the CBN had directed the banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.
Stanbic IBTC Bank, the domestic unit of Standard Bank Group Ltd, was fined N200 million for failing to comply with the apex bank’s directive, according to the lender’s 2021 consolidated and separate financial statement.
According to the 2021 financial statements of some banks, CBN implemented the directive by placing monetary sanctions on the deposit money banks (DMBs).
Central Bank fined Stanbic IBTC N200 million for contravening the 2021 circular on cryptocurrency.
“The CBN debited the Bank’s position with the sum of N200 million for an alleged contravention of CBN circular with reference number BSD/DIR/GEN/LAB/14/001 on Cryptocurrency,” the bank’s financial statement reads.
Speaking during an investor conference call in Lagos, chief executive officer, Stanbic IBTC Bank, Wole Adeniyi, said the bank complied with the CBN directive, adding that the transactions it was sanctioned for may have passed through its system undetected.
He said the bank had written a letter of appeal for a review of the circumstances surrounding these accounts and a waiver of the N200 million fine.
First City Monument Bank (FCMB) was also fined by the Central Bank of Nigeria (CBN) over its failure to close four accounts of customers said to be involved in cryptocurrency.
“Contravention of CBN Circular BSD/DIR/GEN/LAB/14/001 on Cryptocurrency… Failing to close customers accounts (Thanas fasio Experts, Quadrant Emergencia Golden Global, Cryset Limited, Royal Jingling Enterprise) identified to be involved in cryptocurrency,” FCMB’s 2021 financial statement reads.
In its 2021 consolidated and separate financial statement, Access Bank Plc said it was fined N500 million naira for “failure to close some customer’s crypto accounts.”
United Bank for Africa Plc also received N100 million penalty for cryptocurrency transactions by a customer.
Fidelity Bank Plc received a sanction of N14.28 million for cryptocurrency infractions, the bank said in its 2021 audited financial statement.
Wema Bank got a sanction of N100 million ‘for contravening CBN circular on cryptocurrency’.
