Frankfurt, Hesse, Germany - April 17, 2018: Many coins of various cryptocurrencies

“Nigeria remains one of the safest crypto markets in the world,” SIBAN tackles CBN

Blockchain Association of Nigeria (SiBAN) has  said that Nigeria remains one of the safest crypto markets in the world,
Speaking, SIBAN President, Senator Ihenyen, said the market’s link with criminals is not a surprise for cryptocurrency exchanges.
Acccording to him, the links is a reality many of them have taken measures to address.
He noted that their efforts have paid off as  Nigeria does not feature on the list of countries considered a haven for money laundering, illicit transactions, and terrorism financing.
“Nigeria is one of the safest crypto markets in the world when it comes to the use of cryptocurrencies. Nigeria is not even on the map for illicit transactions for cryptocurrency transactions, but you find the likes of the US, Russia, Germany, and Vietnam,” Ihenyen said in an interview.
The Central Bank of Nigeria (CBN) had banned trading in cryptocurrencies in the country.
It added that it took the measure  to protect the financial and Nigerians from the risks of in crypto assets transactions.
Banning the operations, CBN claimed that the risks have become worse in recent times and have dire consequences for the integrity of the financial system and its stability.
“We are now required to comply with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) legislation in several of the countries we operate in. Where that’s not yet the case, we have clear guidance from the Financial Action Task Force (FATF) to measure our approach against,” Luno noted in a post.
Acccording to the  London-based exchange, it applies robust AML and CFT wherever possible,

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