GoldenNewsNG
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
No Result
View All Result
Golden News
No Result
View All Result

FCMB ignores court ruling, links bitcoin trade to organised crime, threatens staff

kunle kunle by kunle kunle
January 11, 2024
in business, Featured
Reading Time: 2 mins read
FCMB ignores court ruling, links bitcoin trade to organised crime, threatens staff
15
SHARES
Advertisements

The First City Monument Bank (FCMB) has joined other financial institutions (OFIs) in ignoring a Federal High Court ruling against closure of cryptocurrency-linked accounts.

FCMB labelled bitcoin and other cryptocurrency trading as criminal activities, and has threatened to take action against any staff that fails to flag crypto traders.

READ ALSO

FG Orders Banks to Flag Accounts with Monthly Transactions Over ₦5 Million

Africa Impact Fundraising (AIF) Grant Program 2025 – Up to $5,000 Matching Funds + Training Opportunities

In a statement to workers of FCMB, the lender said the Central Bank of Nigeria (CBN) was strictly monitoring non-compliance with the directive on the closure of all cryptocurrency-linked accounts.

CBN, FCMB going against court order on cryptocurrency

In one of its sweeping actions, the CBN had froze the accounts of digital investment platforms, Chaka, Trove and Rise Vest Technologies for trading in cryptocurrency.

However, in a lawsuit instituted by Rise Vest, Justice Taiwo O. Taiwo of the Federal High Court sitting in Abuja, ruled that a mere circular can’t be relied on by the CBN to block accounts of crypto traders, as it wasn’t law.

The judge stated on October 18, that the financial regulator failed to back its grievances against cryptocurrency trading with a section of the constitution, as there’s no law forbidding companies or individuals from engaging in digital assets.

This ruling was a blow to CBN’s February 5, 2021, circular informing Nigerian banks and financial institutions to close accounts involved in bitcoin and other stablecoins activities, and cut ties with crypto exchanges.

However, despite Justice Taiwo’s judgement in favour of cryptocurrency traders, Godwin Emefiele-led CBN, Nigerian banks and OFIs, have been cracking down on sellers and buyers of bitcoin and other digital coins.

Ripples Nigeria had reported that Zenith Bank, GTBank, and Kuda were clamping down on their customers linked to cryptocurrency, and now, an alleged company email from FCMB has shown that the Yemisi Edun-led bank was also targeting 18-30 year-old Nigerians trading in bitcoin.

FCMB says Nigerian crypto traders are organized gangs, money launderers

FCMB disclosed that non-compliance to CBN’s crypto ban circular will attract high impact regulatory sanction from the industry regulator despite Justice Taiwo’s judgement hovering over the financial sector.

📢 JOIN OUR WHATSAPP GROUP 📢 JOIN OUR TELEGRAM CHANNEL
Previous Post

Liverpool star Mohamed Salah named Premier League Player of the Month award for October

Next Post

Court convicts five internet fraudsters in Oyo

Related Posts

FG Orders Banks to Flag Accounts with Monthly Transactions Over ₦5 Million

FG Orders Banks to Flag Accounts with Monthly Transactions Over ₦5 Million

Federal Government has ordered all Nigerian banks to Flag Accounts with Monthly Transactions Over ₦5 million GoldenNewsNg reports that Nigerian...

Read moreDetails

Africa Impact Fundraising (AIF) Grant Program 2025 – Up to $5,000 Matching Funds + Training Opportunities

Africa Impact Fundraising (AIF) Grant Program 2025 – Up to $5,000 Matching Funds + Training Opportunities

The Africa Impact Fundraising (AIF) Grant Program is a new initiative launched by the New Africa Fund to empower African...

Read moreDetails

FG Empowers 10,000 Women with ₦100,000 Inventory Loans Through CrediCorp – See How to Apply 

CrediCorp Market Women Low Interest Loan

In a bid to deepen financial inclusion within Nigeria’s informal sector, the Nigerian Consumer Credit Corporation (CrediCorp), in collaboration with...

Read moreDetails

Petrol Prices Drop Below N900

Petrol Prices Drop Below N900

Petrol Prices Drop Below ₦900 as Dangote Refinery Cuts Ex-Depot Rates   GoldenNewsNg reports that petrol pump prices across Nigeria...

Read moreDetails

Dollar to Naira Black Market Exchange Rate today 7th July 2025 – AbokiFX

Dollar to Naira

Dollar to Naira Black Market Exchange Rate today, 7th July 2025, can be accessed below. GoldenNewsNg has obtained the official naira...

Read moreDetails

Nigerian Banks Resume International Transactions on Naira Debit Cards

Nigerian Banks Resume International Transactions on Naira Debit Cards

Nigerian Banks Resume International Transactions on Naira Debit Cards as FX Liquidity Improves GoldenNewsNg reports that after nearly three years...

Read moreDetails

Dollar to Naira Black Market Exchange Rate today 5th July 2025 – AbokiFX

Dollar to Naira

Dollar to Naira Black Market Exchange Rate today, 5th July 2025, can be accessed below.   GoldenNewsNg has obtained the...

Read moreDetails

FG Sets Petrol Pricing Forum as Marketers Demand Transparency

Petrol Pricing Forum

FG Sets Petrol Pricing Forum for July 23–24 as Marketers Demand Transparency GoldenNewsNg reports that the Federal Government has scheduled...

Read moreDetails

Dollar to Naira Black Market Exchange Rate today 4th July 2025 – AbokiFX

Dollar to Naira

Dollar to Naira Black Market Exchange Rate today, 4th July 2025, can be accessed below.   GoldenNewsNg has obtained the...

Read moreDetails

Applications Now Open for the 2025 SMEDAN-Wema Bank Capacity Building Program to Empower Youths and MSMEs

Applications Now Open for the 2025 SMEDAN-Wema Bank Capacity Building Program to Empower Youths and MSMEs

Applications are Now Open for the 2025 SMEDAN-Wema Bank Capacity Building Program to Empower Youths and MSMEs. Read details below.....

Read moreDetails
Load More
Next Post
Court convicts five internet fraudsters in Oyo

Court convicts five internet fraudsters in Oyo

SEARCH ADS

Latest Posts

FG Orders Banks to Flag Accounts with Monthly Transactions Over ₦5 Million
business

FG Orders Banks to Flag Accounts with Monthly Transactions Over ₦5 Million

JAMB Awards ₦710 Million to Six Tertiary Institutions for Outstanding Admission Practices
Education

JAMB Awards ₦710 Million to Six Tertiary Institutions for Outstanding Admission Practices

JAMB Cut Off Mark for Civil Engineering
Education

JAMB Cut Off Mark for Civil Engineering 2025/2026 in Nigerian Universities

NELFUND Begins Disbursement of Funds
Education

NELFUND Begins Disbursement of Funds to Students in Saapade, MAPOLY, and LASUED

Official JAMB Cut Off Mark for Medicine and Surgery 2025/2026 In Nigerian Universities
Education

Official JAMB Cut Off Mark for Medicine and Surgery 2025/2026 In Nigerian Universities

JAMB Cut Off Mark For Computer Science
Daily Guides

Official JAMB Cut Off Mark For Computer Science 2025/2026: Requirements And Admission Tips

Official JAMB Cut-Off Mark for Law in Nigerian Universities 2025
Education

Official JAMB Cut-Off Mark for Law in Nigerian Universities 2025

Official JAMB Cut-off Marks for 2025 Admissions Released
Education

Official JAMB Cut-off Marks for 2025 Admissions Released

YEIDEP Disbursement News Today July 8th 2025
Headline

YEIDEP Disbursement News Today July 8th 2025

Apply Now: 2025 FG Technical Teachers Training (Fully Funded)
Headline

Apply Now: 2025 FG Technical Teachers Training (Fully Funded)

© 2024 Golden News

  • About Us
  • Advertise with Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms And Conditions
No Result
View All Result
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us

© 2024 Golden News