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CBN Crypto Regulations: A Crypto Trader Claims GTBank Threatened to Arrest him.

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Crypto Trader on Twitter claims that Guarantee Trust Bank has threatened to arrest him after blocking his bank account.

@Maxdiwailee on Twitter has claimed that he was threatened by GTBank for mainly trading cryptocurrencies, according to him, GTBank claimed that he violated the regulations of the CBN on cryptocurrency.

“based on that order from CBN concerning cryptocurrencies, they blocked the account – according to them”

The young Nigerian who took to his Twitter handle to share his experience with the bank on 16th of February 2021, said that he visited the bank to get proper information after his GTBank bank account was suddenly blocked.

The Bank told him how he would not be able to get the account back. According to him, he agreed on account block considering banking policies and asked for a refund of the money in the account but the Bank declined and threatened to arrest him if he pushed further.

“GTB blocked my account, went to the bank to make complaints, only for them to tell me I can’t get my account back. Ok o, you give me my money in the account, they were threatening to arrest me.”

Following the recent Circular by the Central Bank of Nigeria on the cryptocurrency Ban, on the 5th of February 2021. The CBN Warned Financial Institutions Against Facilitating Crypto Payments with Crypto Exchanges in the Country. 

This circular affects Fintechs and Cryptocurrency exchanges, financial institutions are not taking these new CBN regulations lightly as banks have moved on to deactivating accounts of startups and cooperatives promoting crypto and digital assets transactions.

The circular mentions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges in the country are prohibited among regulated institutions and a breach of this directive will attract severe regulatory sanctions.

Fellow crypto traders and tech enthusiasts have encouraged the GTBank customer to sue the bank if they refuse to refund his funds.

This is not the first report of a blocked account and liquidation of Fund since the notice by CBN was released, the CEO of Bitfxt tweeted on the 10th of February how the corporate account had been wiped and closed without warning.

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Data Scientist, Tech Enthusiast and a Crypto Lover