CBN fines Stanbic IBTC Bank N200 million for approving crypto transactions

The Central Bank of Nigeria slammed a N200m sanction on Stanbic IBTC for approving crypto transactions on two accounts.

With this, Stanbic IBTC has failed to comply with the regulations prohibiting consumers from transacting in cryptocurrencies in Nigeria.

Bloomberg reports that the sanctions were part of the CBN’s efforts to tighten down on cryptocurrency, ensuring that commercial restrictions on cryptocurrency trading are in place. It was also revealed that the CBN has the ability to detect cryptocurrency transactions that commercial banks may have overlooked.

CBN penalized Stanbic IBTC Bank, the local unit of Standard Bank Group Ltd., N200 million for two accounts allegedly used for crypto transactions.