Nigeria Directs Entities to Identify Those Dealing Crypto With Bybit, KuCoin, OKX and Binance
The Central Bank of Nigeria has issued a directive to financial institutions to identify individuals or entities transacting with Bybit, KuCoin, OKX, and Binance. The directive also reminds these institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited. This follows a dispute between Binance and the Nigerian government, which accused Binance of causing a crash in its currency, the naira. The Central Bank has also instructed financial institutions to put such accounts on a Post No Debit instruction for six months, with breaches attracting severe regulatory sanctions. The directive also states that any individual or "suspected agent" secretly working with cryptocurrency platforms and illegally trading USDT will be arrested. The recent directive did not mention any local crypto exchanges, possibly because many, like Flincap, are actively seeking the required licenses.
