Access Bank management claims that the accounts of the affected traders received part of the funds stolen by hackers from the bank between May and June of this year. According to media reports, Access Bank lost 8 billion naira (about $10.4 million), and the attackers used these funds to purchase USDT stablecoins on the largest crypto exchange Binance. Having received a court order, the bank decided to block the bank accounts of traders from whom stablecoins were purchased.
The executive secretary of the Blockchain Association of Nigeria (SIBAN), Rume Ophi, called the freezing of crypto traders’ accounts “a disgrace to Nigeria’s banking infrastructure.” According to Ofie, Access Bank’s actions undermine the development of the industry in Nigeria.
“We need to conduct thorough investigations to apprehend the criminals, and not resort to mass freezing of accounts belonging to innocent individuals who are simply making cryptocurrency transactions. This approach does not solve the problem, but causes more harm,” said the SIBAN executive secretary.
In 2021, the Central Bank of Nigeria (CBN) ordered banks to freeze the accounts of cryptocurrency company TVS Hallmark Service Limited and two citizens for trading in digital assets. Previously, the central bank gave similar instructions if crypto companies operated without a license.
Let us recall that last year Venezuelan banks blocked several dozen accounts used for transactions with crypto assets. A few months ago, British digital bank Nomo also began limiting customers’ transfers to accounts opened on the Binance marketplace.
Source: Bits
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