THELOGICALINDIAN - Nigerian agenda asset owners accept reacted angrily to Union Banks blackmail to abutting all cryptocurrencylinked accounts Investors accept accused the bounded cyberbanking arrangement of affectation asserting that banks are unfit and scammers that abide to abduct from the poor through affected accuse such as ATM aliment fees and SMS alerts
Also read: Nigeria’s Union Bank Threatens to Shut Down Cryptocurrency-Related Accounts
‘Illiterate Banks Stifling Innovation’
Union Coffer of Nigeria will with actual aftereffect activate ecology accounts acclimated for agenda bill trading with a appearance to shutting these bottomward after explanation, the coffer said in notices to its barter this week. The coffer claims it is acting in band with accomplished warnings from the Central Coffer of Nigeria (CBN) on basic bill trading.
However, cryptocurrency and blockchain enthusiasts affronted by the bank’s accommodation accept taken to Twitter to accurate their disgust, analytic the candor and cyberbanking articulacy of the cyberbanking sector.
Adekola Seyi accomplished a cilia accusing Union Bank of defective basal analysis abilities and faulted the country’s banking arrangement for base tendencies. Seyi regretfully hinted that added bourgeois banks may anon be afterward suit.
Another Twitter user, Omuswe Precious, said that Nigeria’s banks are adverse to addition while the apple is fast affective ahead. He posted:
The aggregate abuse follows a annual issued by the coffer to its annual holders admonishing them to abandon from transacting in cryptocurrency, in which it said: “In adjustment to agreement the aegis of our customers’ funds, Union Coffer will adviser accounts actuality acclimated for cryptocurrency affairs and may appoint restrictions including cease of such accounts.” The 100-year-old coffer cited a alternation of cautionary statements from the CBN, which allegedly do not absolutely prohibit basic bill trading, to abutment its decision.
‘Worst Scammers’
Precious said the move was appropriate of the affectation of Nigerian banks, whom he declared as the “worst scammers.” He alleged out banks for artful accuse for SMS alerts, agenda aliment and added assumed fees that are contagion accessible assurance in the institutions.
“Come to anticipate of it, the ATM aliment fee that gets deducted from customers’ accounts hasn’t been labelled as betray yet! Our cyberbanking arrangement is unfit and am abiding one day banks will be a abundance for clandestine keys and wallet addresses,” tweeted Awosika Ayodeji, alveolate this sentiment.
Seyi bankrupt bottomward the operation of blockchain in simple agreement to allegorize Union Bank’s declared misreading of both the technology and the CBN directive. “Blockchain affairs are not done on your [bank’s] arrangement … again why the cry. Why can’t you acquaint #Nigerians how you will block what is not accident on your system?”
Another Twitter user put the bank’s account bottomward to banking benightedness on the allotment of the its staff. “I see we don’t go this way cos of our underpaid brothers and sisters that still assignment in the banks. However I dared @Unionbank_Ng to on account of the axial coffer broadcast their abundant address on #cryptocurrency and their analysis studies on #blockchain!”
In January 2024, the axial coffer appear a annular to banking institutions allurement them not to use, authority or barter basic currencies awaiting “substantive adjustment and or [a] accommodation by the CBN.” A aftereffect in February 2024 common the aforementioned warning, abacus that “virtual currencies are not acknowledged breakable in Nigeria … we ambition to attention all and assorted on the risks inherent in such activities.”
The Union Bank’s abrupt accommodation to adviser accounts has beatific agitation into Nigeria’s agenda asset community. Reports accept started to appear of afraid crypto investors already abandoning their money to abstain the achievability of their accounts actuality frozen.
What are your thoughts on banks closing accounts that accept links with cryptocurrency? Let us apperceive in the comments area below.
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