Cryptocurrency trading platforms have assured Nigerian
traders that their funds are safe despite the new directive from the Central
Bank of Nigeria (CBN).
In a circular released to deposit money banks (DMBs),
non-bank financial institutions (NBFIs), and other financial institutions
(OFIs) on Friday, CBN directed banks to close accounts of persons or entities
involved in cryptocurrency transactions within their systems.
Reacting in a statement, Luno, a cryptocurrency platform,
said customers need not panic as their funds remain safe.
The platform urged crypto traders to exercise patience,
adding that “there’s no need to take any action regarding your account at this
time”.
Luno explained that Naira deposit methods are currently
affected on its platform as deposits via PayU and Flutterwave are unavailable
until further notice.
“Luno will continue to operate as normal while we seek
further clarity from the authorities. Some Naira deposit methods are currently
affected, please check the status page for updates. Withdrawals are unaffected
and will continue to be processed, but may take longer than usual. All customer
funds are completely safe,” the statement reads.
“There’s no need to take any action regarding your account
at this time. We will update our customers on all incoming developments as soon
as we receive further information, and certainly well in advance should
withdrawals be affected.”
Also, Binance, another cryptocurrency platform, in a
statement, said it is “monitoring the situation closely”.
Binance said funds on its platform remains safe, but added
that its Naira payment partners are suspending deposit services until further
notice.
“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,” the statement reads
“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.”
In January 2017, CBN had said digital currencies such as
bitcoin, litecoin, and others are largely used in terrorism financing and money
laundering, considering the anonymity of virtual transactions.
It had also said that such currencies are not accepted as
legal tender in Nigeria.
In February 2018, the apex bank also issued a warning to
people who invest in cryptocurrencies, saying they would be unable to seek
legal redress in the event of collapse because they are not protected by the
law.
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