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Nigeria’s Central Bank Deletes Then Reinstates Tweet Calling Crypto-Related Directive Fake

Amitoj Singh
Updated ·2-min read

  • A directive circulating in Nigeria asking to identify persons or entities transacting in or operating with Binance, Bybit, KuCoin and OKX has been called fake by the nation's central bank.

  • The confusion around this directive comes after an ongoing saga between Binance and Nigeria's government, which has made international headlines.

UPDATE (April 24, 2024, 13:54 UTC): Updates story and headline to reflect Nigeria's denial of the documents.

Nigeria's central bank denied that it issued a directive asking regulated financial institutions in the country to identify persons or entities transacting in or operating with Bybit, KuCoin, OKX and Binance.

The denial came not long after CoinDesk reported that such a directive had been issued. A person familiar with the matter told CoinDesk that multiple market players have received the document.

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After the CoinDesk report, the central bank issued a denial which was then deleted – but then it was later reissued via X. The Central Bank of Nigeria did not immediately respond to CoinDesk's request for comment.

The document CoinDesk reported on was addressed to deposit money banks (DMBs), non-bank financial institutions (NBFls), other financial institutions (OFIs) and members of the public. It also cautioned and reminded the institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges is prohibited.

The document also stated that the central bank wants financial institutions to "ensure that such accounts are put on PND (Post No Debit) instruction for 6 months" and that breaches of the directive would attract severe regulatory sanctions. It said that any perpetrator or "suspected agent" secretly working with all cryptocurrency platforms, "buying and selling USDT illegally," will be arrested.

The confusion comes amid an ongoing saga between Binance and Nigeria's government, which has made international headlines. The Nigerian government accused Binance of enabling currency speculation that crashed its currency, the naira, invited two of its executives into the country, then arrested them, and one of them escaped.

Read More: Jailed Binance Exec's Bail Hearing in Nigeria Postponed Until May 17