Nigeria Issues Directives To Entities to Identify Users Transacting On Bybit, KuCoin, OKX and Binance
- The Central Bank of Nigeria has asked financial institutions to identify persons or entities transacting in or operating with Bybit, KuCoin, OKX, and Binance.
- Dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.
- Any breaches of the directive would attract severe regulatory sanctions.
The Central Bank of Nigeria's directive to financial institutions to identify and restrict transactions with certain cryptocurrency platforms reflects the government's concerns about the impact of cryptocurrency on the country's currency. The negative sentiment and high confidence score suggest a strong stance against cryptocurrency activities. This development may have implications for the cryptocurrency industry in Nigeria and could lead to further regulatory actions.
