Nigeria's Central Bank has instructed financial institutions to identify individuals or entities involved with four unlicensed crypto exchanges, including Binance, Bybit, KuCoin, and OKX. The directive also reminds institutions that dealing in cryptocurrencies or facilitating payments for crypto exchanges is prohibited. The regulatory authority has warned that any breaches of the directive will result in severe regulatory sanctions and has instructed institutions to put such accounts on Post No Debit instruction for six months. Notably, the circular did not mention any indigenous crypto exchanges, which have been actively pursuing the required licenses.