Home Cryptocurrency Union Bank warns Nigerians about trading Cryptocurrencies

Union Bank warns Nigerians about trading Cryptocurrencies

One of the leading banks in Nigeria, Union Bank has reportedly sent out emails to customers who trade cryptocurrencies using a Union Bank account. According to Union Bank, it’s illegal to buy or sell cryptocurrencies in Nigeria using a Union Bank account or any bank account in the country.

One of the bank’s account holder who got the email posted it on the business section of Nairaland, which is Africa’s largest forum with over 2 million active users.

The bank went ahead to assure its customers that cryptocurrency is not a legal tender in Nigeria, stating that it’s prohibited to transact crypto using a Union Bank account.

The bank has started monitoring accounts being used to perform cryptocurrency transactions in order to guarantee the security of customer’s funds. Accounts found guilty of such transactions might be closed permanently, according to the email.

Union Bank has assets totaling $4.1 billion as of 2018, with a reputation of being one of the most popular banks in Africa’s most populated country. Although cryptocurrency is spreading like wildfire, it’s almost impossible for Nigerians not to buy or sell online currencies.

This is coming weeks after Ade Atobatele, the founder of Gboza Gboza Technology Ltd wrote to the Central Bank of Nigeria asking for the regulation of cryptocurrencies to enable him operate his Blockchain-based services.

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