Following CBN's crypto stance, Nigerian banks are closing cryptotraders' accounts. Here's an analysis of how badly hit cryptotraders are and. In a chilling but sadly all-too-familiar sequence of events, UK banks have been targeting cryptocurrency owners. Individuals who have cashed. On 9 November, Williams* woke up to despairing news. His bank account had been closed for “benefiting from crypto transactions”. An accompanying. 0.00865728 BTC TO USD
One of the firms affected is CoinHako. This is pretty interesting, considering there was no indication something like that would happen. As a result, the company can no longer process Singapore dollar-based deposits and withdrawals. A problematic turn of events for this particular company, to say the least. Giving banks carte blanche in Singapore is not the answer to these problems, though. For the time being, the cryptocurrency situation in Singapore is in jeopardy.
However, there needs to be a level playing field to stimulate competition. Right now, that is not the case and the MAS has no plans to interfere. It will be interesting to see how this situation evolves regarding these bank accounts. An interesting yet dangerous precedent has been set, that much is evident. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.
We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies. Crypto Prices from Nomics. All Rights Reserved. Advertise Submit a Press Release. Closing Bank Accounts is Never the Answer All of this shows how cryptocurrency firms get scrutinized even more than any other company. Play Now! Could you be next big winner? Tags: Bank Accounts bitcoin Bitcoin News singapore. Tweet Share Share Send. Related Posts. Premium Partners. Another lawyer condemned the actions of banks withholding funds after blocking the accounts, stating that the banks are not acting within the confines of the law.
Sadly, there is no known case on this issue on cryptocurrency. I am consulting with a few other friends to see if there is an authority on that. Some highly placed Nigerians with solid financial and economic backgrounds have called on the CBN to lift its restrictions on the crypto space. According to them, cryptocurrencies are here to stay so it is better to work towards understanding them rather than proscription.
He tasked the CBN to ask with knowledge and not fear. We need to be prepared for that seismic shift. And it may come sooner than later. He said checking excesses in its transaction was a challenge that people were grappling with across the world and as such the CBN should carry out a comprehensive study on the workings of cryptocurrencies to check its excesses. While we institute the ban, we should undertake a comprehensive study to understand how it works.
The CBN governor, Godwin Emefiele however insists that the directive to prohibit crypto activities was not inimical to the development of technology-driven payment system in Nigeria. Join the community now! Check your inbox or spam folder to confirm your subscription. Damilare Bamidele. The Vice-President of Nigeria, Prof. Yemi Osinbajo leads the economic think-tank of the federal government….
Technext Newsletter. Technext Roundup Crypto Roundup. Related Posts. Everyone has had the experience of walking into a banking hall only to be shocked by the huge…. Temitope Oni. Read More.
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Bitcoin bank account closed american express allow crypto currency purchasesThe real reason BANKS are BLOCKING CRYPTO exchanges.
The Nigerian tech startup space, particularly fintech, was rocked last week following a statement by the Central Bank of Nigeria CBN on cryptocurrency.
|Best graphics card for cryptocurrency mining||If you recall, this was a period of crypto mass adoption in Nigeria, and it was most likely when people developed an interest in cryptocurrencies. Notify of. Michael Ajifowoke. We have not received a more info from Ecobank on whether they have suspended customer accounts that traded cryptocurrencies before the CBN sent its circular on the 5th of February. FCMB, for instance, instructed its nationwide network of branches to flag any bank accounts of year-old customers with a high volume of transactions.|
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|Bitcoin bank account closed||Advertise Submit a Press Release. It is evident something is going on right now, but no one knows the exact reason. Soyibo says account closure processes may vary from one bank to another and that it is subject to the terms under which the account was opened. Beyond that, the bank also offers its wealthy clients access to crypto investment funds. Could you be next big winner? We would always find a way out of every problem. You can also work full time in the UK on this route.|
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