Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,889,868 members, 6,949,145 topics. Date: Wednesday, 06 July 2022 at 01:37 AM

CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals (20778 Views)

I Buy Dollar Inflows In Any Access Bank, Stanbic, Zenith,gtb Domiciliary Account / CBN Fines Zenith Bank, First Bank, Others N1.4trn / Forex Racketeering: CBN Fines Banks, Bdcs Hundreds Of Millions For Infraction (2) (3) (4)

(1) (2) (3) (Reply) (Go Down)

CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by 2mercy: 8:27pm On Apr 06
CBN fines Access Bank N500mn, Stanbic IBTC N200 million for concealing customers’ crypto deals

The industry watchdog spotted the transactions and their details, by way of an ultramodern surveillance technology currently exclusive to it.


The Central Bank of Nigeria (CBN) imposed monetary sanctions on Stanbic IBTC Bank, Access Bank for permitting crypto transactions by customers in breach of a directive from the regulator last year, forbidding such deals, Bloomberg reported on Wednesday.

While Access Bank, the commercial banking division of the country’s biggest lender Access Holdings, which converted to a holding company this February, got N500 million in fine, Stanbic IBTC’s penalty was N200 million, according to the news outlet, which cited a disclosure at a virtual investor call arranged by the latter on Tuesday in Lagos.

CBN, sometime last February, embargoed cryptocurrency trading, going ahead to instruct banks to disallow transactions in it, noting they could trigger an exposure of the financial system to danger.

Wole Adeniyi, Stanbic IBTC’s chief, stated his bank heeded the order but admitted the two deals for which it is being punished is more of negligence than infringement as the transactions were processed through its system without the lender discovering it.

The industry watchdog spotted the transactions and their details, by way of an ultramodern surveillance technology currently exclusive to it.

United Bank for Africa, one of Nigeria’s five largest banks in asset terms, also shared in the regulator’s wrath, incurring a penalty of N100 million.

Adeniyi said lenders are in talks with the CBN to give them leave to use the software.

“It doesn’t seem that they are going to entertain a refund, but they are now sharing intelligence with us to be able to kind of deter clients,” he said.

Apart from the United States, Nigeria, Africa’s biggest economy, is responsible for the biggest size of digital currency deals in the world, according to Paxful, which runs a platform for trading in Bitcoin.

The country is also home to the biggest proportion of retail users with transactions below $10,000, according to Chainalysis.

https://www.premiumtimesng.com/news/top-news/522176-cbn-fines-access-bank-n500mn-stanbic-ibtc-n200-million-for-concealing-customers-crypto-deals.html

4 Likes

Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by Rastaramsey(m): 8:29pm On Apr 06
Those banks enh
Them be thief thief

Naso zenith Bank commot 17k from my account last month....

Omo I jazz in with some of my guys

We para for them tire

The security man wey be old man also dey kneel down for me

Omo 3 days later, their papa refund am....

Those cashiers are bloody thieves...

68 Likes 4 Shares

Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by jimmychang: 4:41am On Apr 07
Mtchwwwwwwwwww

2 Likes 1 Share

Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by seanwilliam(m): 4:42am On Apr 07
Buhari thank you very much huh. Thanks for kicking us in the asś wotowoto

9 Likes

Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by HugeDan(m): 4:43am On Apr 07
Dem go start to dey debit us unnecessary undecided

18 Likes 1 Share

Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by Yureyes: 4:45am On Apr 07
Mad
Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by Ademola47(m): 4:45am On Apr 07
The fine won't hold ground...it will be later waived.
Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by THUNDAR(m): 4:45am On Apr 07
Everything for Nigeria na back n forth. The rain de touch every roof now

7 Likes

Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by justice212: 4:45am On Apr 07
Most of this banks are bunch of criminals Zenith bank will debit you three good times when you make a single transfer. But me I done pack my money move to another bank

16 Likes 1 Share

Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by Globad: 4:48am On Apr 07
Ademola47:
The fine won't hold ground...it will be later waived.

How do you know? Are you the CBN governor?

13 Likes 3 Shares

Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by Miracle112(m): 4:49am On Apr 07
The Worst Administration since Nigeria’s Independence is Buhari’a.

Useless CBN! Look at the Value of Naira now.
She the CBN Governor wants to Contest for Presidency.
After Banning Crypto currencies, the only poverty Escape route for our smart youths.
Only A Dirty Aboki that doesn’t know what’s up would vote for such man to become the president.

62 Likes 5 Shares

Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by Fibonacci88: 4:50am On Apr 07
Which kind ban crypto. Crypto wey Malami dey trade. Of all the millions of p2p transactions wey men do na only few transactions Dem fit spot with d stupid software. Crypto is banned but Binance is actively advertising to us on DStv. Mumu government.

128 Likes 9 Shares

Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by Cutehector(m): 4:51am On Apr 07
angry
Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by Microwhy: 4:51am On Apr 07
I ordered for sneakers on Aliexpress and GTbank debit 3X, they reversed 1 and keep mute on the 2nd over-debit.
This time, I no get strength for their wahala, na so I hang their matter for God hand.

10 Likes

Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by NaijaCoverBlog(m): 4:52am On Apr 07
Nawa o
Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by Craigslists: 4:52am On Apr 07
Lol.

Crypto has come to stay…

Whether you like it or not.

Even Malami (Attorney General) dey trade Crypto.

14 Likes

Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by Craigslists: 4:54am On Apr 07
Fibonacci88:
Which kind ban crypto. Crypto wey Malami dey trade. Of all the millions of p2p transactions wey men do na only few transactions Dem fit spot with d stupid software. Crypto is banned but Binance is actively advertising to us on DStv. Mumu government.

No mind the hypocrites them.

Even Binance dey sponsor Lazio Football club for Italy.

While third world country and poverty capital of the world dey ban crypto

55 Likes 4 Shares

Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by UmmAmir: 4:55am On Apr 07
Crypto wey dey help us survive small small, na im una wan ban?

5 Likes

Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by REALretep(m): 4:55am On Apr 07
Ok nah

e-Naira still remains dead on arrival.
Blockchain technology is here to stay. Not even CBN can stop this moving train

MODIFIED: e-Naira is Blockchain but it's not anonymized unlike other digital currencies

8 Likes

Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by JimohMomoh: 4:56am On Apr 07
Fibonacci88:
Which kind ban crypto. Crypto wey Malami dey trade. Of all the millions of p2p transactions wey men do na only few transactions Dem fit spot with d stupid software. Crypto is banned but Binance is actively advertising to us on DStv. Mumu government.
.
Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by Nahunger(m): 5:00am On Apr 07
grin
Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by Difrent: 5:00am On Apr 07
REALretep:
Ok nah

[b]e-Naira still remains dead on arrival.
Blockchain technology is here to stay. [/b]Not even CBN can stop this moving train
What a contrdictory statemet.....is enaira not run on blockchain technology?
Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by seeker121(m): 5:01am On Apr 07
Even Malami dey trade crypto while the rest of the world keep progressing,Bubu prefer cowtocurrency to cryptocurrency.Indeed there was a country.

5 Likes

Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by tunwumi: 5:07am On Apr 07
Ol
Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by tunwumi: 5:07am On Apr 07
This is
Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by henryadex(m): 5:09am On Apr 07
These banks can not survive without crypto this fine is just to tell them to re strategize

3 Likes

Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by lonelydora: 5:14am On Apr 07
StanbicIBTC, I don't know how you guys will pay the said amount, but make sure my #2,300.52k is still intact o.

I mo wan hear story

15 Likes

Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by Johnrake69: 5:15am On Apr 07
May we never see this type of administration again. How can Emefiele and his cohorts ban an innovative industry currently worth about $2 trillion dollars in market capitalisation.

Indian, Brazil, US, Canada, Europe, South Africa, UAE, Singapore, Russia, Ukraine have all recognised the legitimacy of crypto currency and this good for nothing adminstration in a country that is home to 95M extremely poor people are here banning crypto.

Thankfully, Blockchain is here to stay. It's simply a matter of get in line or be left behind.

37 Likes 3 Shares

Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by Goldbw122: 5:22am On Apr 07
Too bad
Re: CBN Fines UBA, Access Bank, Stanbic IBTC ₦100m For Hiding Crypto Deals by pretydiva(f): 5:23am On Apr 07
Hope these banks won't start debiting customers unnecessarily undecided

(1) (2) (3) (Reply)

David Malpass Appointed 13th President Of World Bank / Unauthorised Bank Charges: How To Complain To The CBN (Very Simple) / Nigerian Cooking Gas Business Unveiled

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2022 Oluwaseun Osewa. All rights reserved. See How To Advertise. 70
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.