Bureaux de change operators back CBN’s Cryptocurrency ban

The Association of Bureaux De Change Operators of Nigeria (ABCON) has voiced support for the Central Bank of Nigeria’s (CBN) policy mandating banks to close accounts belonging to cryptocurrency traders.

ABCON President on Sunday told reporters in Lagos that Aminu Gwadabe, the regulator acted fast to curtail an emerging dangerous trend that is capable of eroding Nigeria’s Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) gains.

He said before placing a ban on financial dealings that does not conform with the norm, the regulator must have gotten a financial intelligence on such operations, as seen in kidnappers collecting bitcoin for ransom.

Gwadabe said the new changing global behaviour towards cryptocurrency trading in Nigeria is not in tandem with Nigeria’s AML/CFT compliance structure as the country battled to move out of the Financial Action Task Force (FATF) sanctions list.

“That is why many financial sector regulators, prominent financial institutions, including global banks, and investment firms, are moving swiftly against the cryptocurrency operators.

“All over the world, no regulatory institution has given a fiat approval of the new digital money due to its vulnerability to money laundering and counter terrorism financing. It is, therefore, the belief of our association that the measures of the CBN will ensure confidence of our foreign partners to boost economic growth,” Gwadabe stated.



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