Cryptocurrency transactions: CBN fines Access Bank N500 million

The Central Bank of Nigeria has imposed a N500 million fine on Access Bank.

This is due to their failure to comply with regulations prohibiting consumers from transacting in cryptocurrencies.

Bloomberg reports that the sanctions are part of the CBN’s efforts to tighten down on cryptocurrency.

The development is also to ensure 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.

According to the report, Access Bank Plc, the country’s largest lender by assets, was fined N500 million for failing to shut down customers’ crypto accounts.