Nigerian Banks To Close Accounts Involved with Crypto

[Dragonfund]

This has been the worst decision they've taken and Indian government too looks to be walking on the same path and looking to ban crypto here, when all other countries and major institutions are trying to get their hands on the world's most expensive cryptocurrency - Bitcoin. It's like getting back to the ancient era and this will surely not be in their benefits because nobody is going to follow this and will surely bring in new ways while opposing their decisions openly.

I just think we are our own problem and when we are lead by elders that aren't smart individuals with selfish interests and lack of innovation and creativity.
I still don't get the reason how some united people call the government think sometimes, they usually think below their cycle and that's why they are always behind the scene of innovation and technological creativity.
If Elon musk and Telsa could locked up some Bitcoin and some developing and under developing nations are still blocking their individuals from interacting with cryptocurrency, they are just bunch of retarded hooligans without future.
As I have said, close of a process create another route. There is p2p platform and crypto will excel as long as there are more than 1 person in this space.

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[Issa56]

I think this is one of the worst decision Nigeria government have taken I believe there are lot's of reasons which lead to ban of cryptocurrency in Nigeria but i still see no reason why they have to ban cryptocurrency, I just believe we cause our own problems by our self we are lead buy selfish leaders which only care about there self and relatives alone. Nigeria is a country where the rich are becoming more richer everyday why the poor are becoming poorer everyday, government have not made provision for employment lots of youth's are suffering the only way 80% of Nigeria youth are surviving now is buy cryptocurrency lot's of them feed there selfs and there family from the money the make in Cryptocurrency and now they are banning it, what do they expect the youths who are surviving with cryptocurrency and making there money from cryptocurrency do, I think the only way which by which this ban can be review is true protest. Lot's of countries are developing there countries with cryptocurrency lot's of companies are adopting cryptocurrency and is really improving there economy but the only think we can do in Nigeria is banning it. I think this is a very bad idea and I think it should be review cryptocurrency is not a bad thing I don't think it should be ban. But since it has been ban already I think there is another method which can be used currently which is P2p platform I think we can buy and sell crypto.

[Webetcoins]

You should expect your accounts to be suspended soon if you've transacted with Binance Nigeria and other exchanges or custodial service using your bank account before. I hope you will find other ways to convert your cryptocurrencies to fiat and vice versa. Are there enough merchants that you can deal with P2P?

Well they have banned cryptocurrency exchanges from operating with banks in Nigeria, but that doesn’t mean that it is over , in fact this is a loss for the Nigeria government, they just made a stupid decision by banning cryptocurrency exchanges. First of all Nigeria is one of the biggest crypto trading country, and with exchanges like Binance, Luno, and many others that launched their businesses there, they were all paying taxes to the Nigeria government and also provided jobs in the areas of blockchain and crypto technology.

But, now the Nigeria will no longer get the taxes and many people will lose jobs there which means increase in the rate unemployment. And a lot of traders will now go for P2P exchanges, like Binance P2P which means the government is getting nothing. This is totally stupidity.

[Maslate]

But, now the Nigeria will no longer get the taxes and many people will lose jobs there which means increase in the rate unemployment. And a lot of traders will now go for P2P exchanges, like Binance P2P which means the government is getting nothing. This is totally stupidity.

I'm sure they have an answer to this that will make you think they did the right decision.

The government is making this decision because they have basis that they think crypto is a threat to their country, probably because they are not yet ready adopting it as their regulation is still weak. When crypto is allowed, there's also a risk on it if it's not properly monitor, government does not only focus on taxes, they also focus on safety of their people or the government.

[BIT-BENDER]

This has been the worst decision they've taken and Indian government too looks to be walking on the same path and looking to ban crypto here, when all other countries and major institutions are trying to get their hands on the world's most expensive cryptocurrency - Bitcoin. It's like getting back to the ancient era and this will surely not be in their benefits because nobody is going to follow this and will surely bring in new ways while opposing their decisions openly.

I have washed my hands of my countries decision to ban crypto-currency, I think it's like the federal government closing a gate at crypto-currency users in Nigeria when there are many more doors to operate from, I don't think this would last, Because from the looks of it the Senate has summoned those behind this, but like everything in Nigeria they are all in one boat, I haven't experienced any difference, but for delayed transaction which has nothing to do with the Ban, I think Nigerian federal government are implement many hardship and I don't think this is their last.

[mezzaluna]

This move will really be sad for most users living in that country especially some of them are really relying on Cryptocurrencies so that they can afford their necessities. Maybe they need to really create or give them a time frame in which that they could at least remove their money from their accounts because some sudden closing might make the users create a move in which they will demand justice.

[Gozie51]

Maybe they need to really create or give them a time frame in which that they could at least remove their money from their accounts because some sudden closing might make the users create a move in which they will demand justice.

Yes the lawyers have gone to court on the government policy on cryptocurrency. I'm sure the Nigerian lawyers will not rest from dragging the government to different courts. Certainly also the frozen accounts and the fiat in it will be part of the justice that the lawyers will present to the court. The affected people I believe will get there money after sometime because it is about natural conscience.

[vintages]

Think governments that ban crypto exchanges want to protect their banking system. Nevertheless crypto is good because of its anonymous. I never used Nigerian crypto exchange and don’t know whether they require verification. Thus, traders who want to stay anonymous frequently buy users data, use VPN and exchange there crypto on fiat through the “third people” that are moneychangers.

Reading what the CBN stated, I don't think it has anything to do with Nigeria's government protecting their banking system. I read their statement and their reasons are so unrelated and faulting. One says that it's because Bitcoin is an unidentified currency and states that crypto encourages criminals. We all know this isn't true, Sometimes some government can be irrational, especially when they are not benefitting. No need for VPN though, I heard Binance has opened a p2p transaction method because of Nigerians; they are their biggest users.

[whyrqa]

Think governments that ban crypto exchanges want to protect their banking system. Nevertheless crypto is good because of its anonymous. I never used Nigerian crypto exchange and don’t know whether they require verification. Thus, traders who want to stay anonymous frequently buy users data, use VPN and exchange there crypto on fiat through the “third people” that are moneychangers.

It is much more profitable for the government to try to control and benefit from this, rather than banning cryptocurrency and punishing cryptocurrency users who are citizens of their country. In addition, these people are direct taxpayers who replenish the state budget. but it can be assumed that in this way the government is trying to knock out favorable conditions for concluding certain transactions with such companies that use cryptocurrency.

[Vishnu.Reang]

It is much more profitable for the government to try to control and benefit from this, rather than banning cryptocurrency and punishing cryptocurrency users who are citizens of their country. In addition, these people are direct taxpayers who replenish the state budget. but it can be assumed that in this way the government is trying to knock out favorable conditions for concluding certain transactions with such companies that use cryptocurrency.

You need to look at the bigger picture. The governments are worried that popularity of the cryptocurrency may weaken their power, control and dominance on the citizens. It is not easy to track the cryptocurrency transactions and the governments are not happy about it. They are against anything that is outside their control, and the same logic is applicable to cryptocurrency as well.

[goldade]

There is absolutely no way the government of Nigeria can successfully ban crypto in the country. With this ban, what they did is only to stop the operations of the exchanges that accept and can pay in the Nigerian currency. These include binance ngn, Patricia, luno and several other exchanges.
The government doesn't realize that before the advent of these exchanges, people have been using P2P to convert their bitcoin to their fiat. So it is only natural that these people return to normal mode of making transactions in the first place which is the use of P2P

[Kong Hey Pakboy]

Will there be a chance for the owners of those accounts to get all their money from that account? Because if not, I think that it is going to spark an outrage on the crypto community. The good thing about this is that the overall crypto activity in the region is not going to be affected, it just looks like it but the people that are involved in crypto and uses banks is the only one affected albeit they are small, I think that it is alarming that the Central Bank is going to get involved.

There is absolutely no way the government of Nigeria can successfully ban crypto in the country.

It is not a total ban, this is just a bank centered and not as a whole so we don't have to worry much or be angry about it. It is good that they are banning it on banks because these will cement the idea that banks are oppressive towards the people.

[LUCKMCFLY]

When a government prohibits things related to money, the irreverence on the part of its people is present, nobody is going to pay taxes, there is no way that it can drag them and find who they are, now more than ever they can unleash a greater flow of people than enter the market, the use of VPN will be law for Nigerians and enter, if nothing else in Cuba that have everything blocked they do, in Nigeria much more.

[0t3p0t]

It turns out that not only in Bangladesh, Nigerian banks also took part in rejecting the exchange of cryptocurrency, I think that despite this refusal, there are parties who do not like the presence of cryptocurrency in their country. How long will this continue, they should have realized that with the exchange of cryptocurrency, it would be a freedom to carry out transactions between countries. yeah I know any Nigerian bank or any bank, never felt open to cryptocurrency.

I think they will do that right now but I know that time will come have to think of it soon when other countries try to open services for crypto related exchanges that will be regulated by central banks. I know that their government is still studying the potential of crypto. It could be that their government is afraid of something like money laundering or funding of illegal activities through crypto.

[nightxglow]

Aw, that sure sucks. You guys have to find another way to convert your cryptocurrency to fiat then, especially for those whose source of living depends on cryptocurrency, this is such a bad news.
And after reading the replies, i found out that many other countries do the same too? i really wonder why. Banning them won't do anything tbh, there are still many other illegal ways that can be done. I think it'll be a lot better if the government starts to make regulation regarding cryptocurrency, and something that will benefit banks as well, so there won't be any problem.

[Yatsan]

It seems to be awful having your freedom as an individual to have your own rights to explore things beyond your comfortability just like not merely be relying on just banks alone trying to get along with the trend of getting into cryptocurrency but you are now getting restricted once you have found to be engaging into cryptocurrency matters. Surely people living in Nigeria specifically talking about those who uses crypto and transacting through it will take this as a bad news for they are into a threat of bank accounts to be taken down for having involvement with crypto. It turns out to be inconsiderate having this policy for those people residing in Nigeria that are having crypto but since it is right into the decision of their government they have to obey that rule just to avoid possible sanctions related to it.

[doomloop]

Lol this must be the dumbest central bank in the world, seriously how do you just start closing people’s accounts when you have not even given out a first warning to let them know that they shouldn’t be involved in crypto trading? They don’t just start closing people’s account without letting them know, it’s totally wrong, they should first warn them and give them time. I even saw a topic opened by someone living in Nigeria and he said someone there had his accounts blocked the same week they made this announcement.

Well, it’s their loss, because they will be losing big crypto companies like Binance, so that’s a loss a for them too. And it’s not like people there will stop trading crypto lol. I don’t know why governments always think that by banning crypto, they can stop money laundering, they have forgotten that having centralized exchanges helps them keep an eye on what’s going on in the crypto world, when they decide to ban all these centralized exchanges that means they will lose sight of everything taking place in the world.

[Josefjix]

Lol this must be the dumbest central bank in the world, seriously how do you just start closing people’s accounts when you have not even given out a first warning to let them know that they shouldn’t be involved in crypto trading? They don’t just start closing people’s account without letting them know, it’s totally wrong, they should first warn them and give them time. I even saw a topic opened by someone living in Nigeria and he said someone there had his accounts blocked the same week they made this announcement.

Well, it’s their loss, because they will be losing big crypto companies like Binance, so that’s a loss a for them too. And it’s not like people there will stop trading crypto lol. I don’t know why governments always think that by banning crypto, they can stop money laundering, they have forgotten that having centralized exchanges helps them keep an eye on what’s going on in the crypto world, when they decide to ban all these centralized exchanges that means they will lose sight of everything taking place in the world.

It is actually lack of vital information of how the how the technology is been done, they are adamant and they are too proud to admit it. Banning or restrictions of bank accounts trading crypto is not the ultimate way to even stop the use of crypto in Nigeria. They lack logical reasons why they are regulating it. They already issued warnings to Banks not operate with exchanges, fine why the restriction of bank accounts susceptible to trading of crypto?

[darewaller]

It seems to be awful having your freedom as an individual to have your own rights to explore things beyond your comfortability just like not merely be relying on just banks alone trying to get along with the trend of getting into cryptocurrency but you are now getting restricted once you have found to be engaging into cryptocurrency matters. Surely people living in Nigeria specifically talking about those who uses crypto and transacting through it will take this as a bad news for they are into a threat of bank accounts to be taken down for having involvement with crypto. It turns out to be inconsiderate having this policy for those people residing in Nigeria that are having crypto but since it is right into the decision of their government they have to obey that rule just to avoid possible sanctions related to it.

I think they will find a way, as long as crypto is not banned forever, they will somehow find a way. This is why we are seeing a surge in P2P transactions in the world, places like Nigeria where people can hold crypto but can't withdraw it to their bank accounts are making deals over the phone and someone wires them money and gets their crypto, that is how it is done these days. I know it is not the ideal way to do it, but it is at least a way to do it.

This is why I think not a huge deal will come out of this, as long as nations do not ban crypto as a whole, they can ban companies working with crypto and it will not be a problem. It is not going to be something that is easy and simple, but it is going to be something that will somehow save these people. Of course we could still see these people as under threat but at least they are not completely done.

[galestorm]

I get it why banks hate cryptocurrency. I heard from a news before that a person from a nigerian bank considers cryptocurrencies as coins that dont have monetary value, thus creating the impression that cryptocurrencies are just scams that come from shady sources. The reason why they hate such things is because a bank needs to thoroughly investigate the beneficial owner on the account and the source of funds. If you have invested and cryptocurrencies and decide that you'll put it in a bank, the bank must be sure the funds are clean and not from illegal activities. If you’re account has a large balance for a short period of time, the bank has all of the compliance costs and headaches associated with a large customer without any of the profit incentives.