Nigerian lawyer: Ban on cash withdrawals from accounts operated by VASPs may violate CBN’s cashless policy

Nigerian fintech lawyer Ihenyen stated that the new Central Bank of Nigeria (CBN) guidelines prohibit the withdrawal of cash from accounts operated by virtual asset service providers (VASPs), which seems reasonable and understandable. However, the lawyer believes that a complete ban on cash withdrawals from accounts operated by VASPs may conflict with CBN's own cashless policy.

Nigerian

Comments

All Comments

Recommended for you

CointimeSG ·

Brevan Howard, Nomura’s Laser back Plume tokenization blockchain

Brevan Howard Digital and Nomura’s Laser Digital were part of the $20 million Series A funding round for Plume, the layer 1 permissionless blockchain focused on tokenizing real worlds assets (RWA).
CointimeSG ·

Trust Wallet fixes disappearing balance glitch

Community members went on social media to report a Trust Wallet glitch that caused their crypto balances to disappear.
CointimeSG ·

Microstrategy names former Binance.US CEO Brian Brooks, two others to board of directors

Microstrategy added 3 members to its board of directors, bringing the total membership from 6 to 9.
CointimeSG ·

Will Dogecoin Reach $1? Crypto Volatility Returns as Bitcoin and Ethereum Slide

The meme coin faced $68 million in liquidations in 24 hours, with Bitcoin and Ethereum also experiencing a decline. Analysts are watching the $1 price level closely, but recovery depends on broader market conditions.
CointimeSG ·

Jump Crypto subsidiary Tai Mo Shan settles with SEC for $123 million

The ensuing fallout from the Terra ecosystem collapse eventually caused Terraform Labs to shut down following a settlement with the SEC.
CointimeSG ·

United States of Bitcoin? These States Are Considering BTC Reserves

Multiple U.S. states are reviewing Bitcoin reserve bills, while crypto advocates are pushing for similar proposals in other states.
CointimeSG ·

Relationship building is a hedge against debanking — OKX exec

Documents released on Dec. 6 show the Federal Deposit Insurance Corporation (FDIC) asked banks to pause crypto-related activities.
CointimeSG ·

Ethereum 2024 Staking Insights & Analysis

What shaped Ethereum in 2024? It seems pretty challenging to find a common denominator, but there were some milestones no one can’t argue about being included. Here are my top-3 picks in chronological order:
CointimeSG ·

The high-stakes fight to define “money transmitter”

Plus: A rough guide to Anoncasting
Slurpycoin on BSC was attacked by flash loans, and the attacker used the repurchase mechanism to manipulate the token price for profit

According to CertiK Alert monitoring, Slurpycoin on BSC has suffered a flash loan attack. The attacker manipulated the token price using a buyback mechanism and made a profit of about $3,000 from sandwich arbitrage. This attack is also responsible for the $10,000 loss of MRP tokens on July 2.