Cryptocurrency companies in Nigeria have started reacting to the Central Bank’s order to financial institutions to desist from dealing with them.
The Apex bank directed that all deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs) should close accounts related to cryptocurrency transactions or exchanges.
Binance issued a notice suspending deposit services until further notice
Binancians
— Binance Africa (@BinanceAfrica) February 5, 2021
We're aware of the CBN circular on crypto-related NGN payments & are monitoring this closely. NGN deposits via our fiat channel are temporarily suspended but withdrawals remain available.
Your funds are safe & crypto services continues..https://t.co/swSsxhnofG
The notice reads thus:
Please note all your funds on Binance.com remain safe and crypto services on Binance.com will continue as normal.However, our NGN payment partners are suspending deposit services until further notice.
From 7PM (GMT+1) on Feb 5th 2021, Binance will temporarily suspend NGN deposits through our fiat partner channels. Withdrawal services remain normal and will continue to be processed but might take slightly longer time than usual. We apologise for any inconvenience this may cause.
We will continue to provide further updates as soon as they become available, and we are working closely with all relevant stakeholders. Binance remains committed to supporting the growth of the blockchain ecosystem in Africa.
Bundle also issued a notice on twitter suspending crypto-related payments for now
The company stated that “due to the notice, Our Naira payment partners have decided to suspend crypto-related payments for now, so we have disable Naira deposits until this is resolved.”
It also added that “Withdrawals may take longer than usual but we will make sure all transactions are processed and we will keep you updated is anything changes.”
Quidax also sent out a tweet to its customers that all Naira deposits have been paused due to the new directive
Buycoins Africa in its tweet, stated that they are “fully aware of the newest CBN circular and are going to be working with regulators to ensure our services are compliant”
Chainalysis’ 2020 Cryptocurrency Geography Report revealed that Nigeria ranked eight in terms of crypto adoption and usage rate among 154 countries included in the study.
This means that this ban will be felt across the crypto world.
