The Central Bank of Nigeria will temporarily freeze the bank accounts of users from exchanges such as Bybit and KuCoin

ChainCatcher news, according to Cointelegraph, the Central Bank of Nigeria (CBN) has instructed all banks and financial institutions to identify individuals or entities trading with cryptocurrency exchanges and to set these accounts to "Prohibited for Debit" (PND) status within six months. When the PND directive takes effect, account holders are prohibited from debit transactions, meaning they cannot withdraw funds or make payments from the affected accounts.

The Central Bank of Nigeria has listed cryptocurrency exchanges that do not have operational licenses in Nigeria, including Bybit, KuCoin, OKX, and Binance. The Central Bank of Nigeria stated that it will crack down on illegal purchases and sales of the stablecoin USDT on these platforms, especially for those using peer-to-peer (P2P) trading.

In addition, the Central Bank of Nigeria pointed out that financial institutions are prohibited from engaging in cryptocurrency trading or providing payment services for cryptocurrency exchanges.