SEC reacts to CBN’s ban on cryptocurrency transactions

Bitcoin faces price turbulence

SEC reacts to CBN’s ban on cryptocurrency transactions   The Securities and Exchange Commission (SEC) has reacted to the placement of ban on all forms of cryptocurrencies by the Central Bank of Nigeria (CBN) last week. The commission explained that there is no policy conflict between the capital market apex regulator and the CBN over the ban placed on Bitcoin transactions in the banking industry. This was contained in a statement issued by the SEC, saying that contrary to the perceived policy conflict from some quarters, it saw no such…

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CBN’s crypto trading ban is justified, BDC operators say

crypto trading ban

CBN’s crypto trading ban is justified, BDC operators say   The Association of Bureaux De Change Operators (ABCON) of Nigeria has given its backing to the Central Bank of Nigeria’s (CBN’s) policy mandating banks to close all accounts belonging to cryptocurrency traders. It said this in a statement on Sunday titled ‘ABCON backs CBN’s cryptocurrency trading ban for stronger anti-money laundering compliance’. Alhaji Aminu Gwadabe, the president, ABCON, said the regulator acted fast to curtail an emerging dangerous trend capable of eroding Nigeria’s Anti-Money Laundering and Counter-Terrorist Financing gains. He…

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