Money

Union Bank To Monitor Accounts Used For Bitcoin, Other Cryptocurrency Transactions

 

 

 

Union Bank of Nigeria Plc (UBN) said it will commence the monitoring of its customers accounts used for Bitcoin and  Cryptocurrency Transacting moving forward.

The bank in a statement said “in order to guarantee the security of its customers’ funds, the bank will monitor accounts being used for cryptocurrency transactions and may impose restrictions including closure of such accounts.

“We appreciate your patronage and we are committed to providing you with simpler, smarter banking services that best protect your interest and guarantee the security of your funds.”

The Central Bank of Nigeria (CBN) had advised that cryptocurrency is not a legal tender in Nigeria and has cautioned against transacting in them,” the lender said in an emailed notice to its customers.

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