Emerging Markets

Outrage Over Union Bank of Nigeria’s Threat to Close Crypto-Related Accounts

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Nigerian digital asset owners have reacted angrily to Union Bank’s threat to close all cryptocurrency-linked accounts. Investors have accused the local banking system of hypocrisy, asserting that banks are “unfit” and “scammers” that continue to steal from the poor through spurious charges such as ATM maintenance fees and SMS alerts.

‘Illiterate Banks Stifling Innovation’

Union Bank of Nigeria will with immediate effect begin monitoring accounts used for digital currency trading with a view to shutting these down without explanation, the bank said in notices to its customers this week. The bank claims it is acting in line with past warnings from the Central Bank of Nigeria (CBN) on virtual currency trading.

However, cryptocurrency and blockchain enthusiasts riled by the bank’s decision have taken to Twitter to express their disgust, questioning the integrity and financial literacy of the banking sector.

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