Nigerian banks crack down on Crypto users

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Government of Nigeria tracking down accounts of large crypto users

Nigerian govt has ordered commercial banks to track accounts that have large inflow and outflow of crypto transactions

Commercial banks started monitoring accounts that's being used for crypto currency trading

This move came after Central bank of Nigeria demanded commercial banks to freeze accounts of two individuals involved in crypto trading

According to a local news outlet nigerian banks started monitoring accounts with large transaction volume

Banks ordered employees to freeze any account found trading crypto with a large volume

Account with large daily transaction including Fintech startups can get their bank account freezed if operated without a payment license

Personal accounts with large transaction volume will be red flagged.

Accounts that receive large sum of money from multiple payees and payment will be flagged too.