Nigeria: Binance Suspends Deposits Following Central Bank Directive

The Central Bank of Nigeria has issued a directive last Friday in which it indicates that banks must identify and close the bank accounts of platforms that operate with cryptocurrencies. 

According to the Central Bank, "it is forbidden to trade with cryptocurrencies or facilitate payments on cryptocurrency exchanges" according to the Circular of 2017. Any breach of the above, leads to sanctions for financial entities. 

In response to this situation, the world-renowned cryptocurrency exchange, Binance, has decided to suspend deposits for the purchase of cryptocurrencies with the official currency of the African country (naira). 

According to the Binance statement, "Withdrawal services are still normal and will continue to be processed, but could take a bit longer than usual."


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Adolfo Morán
Adolfo is Founder and Executive Director of Lawgic Tec, a non-profit association dedicated to research on law and new technologies. Lawyer from the Pontificia Universidad Católica del Perú (PUCP); specialized in Financial Law, FinTech, Financial Consumer Protection, Smart Contracts, Blockchain and Crowdfunding. Researcher accredited by the PUCP. Co-organizer of the Ethereum community from Lima, Peru. Email:


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