Freezing of Account not supported by Law – BICCoN
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In a statement issued on November 22, The Blockchain Industry Coordinating Committee — Nigeria’s foremost cryptocurrency and blockchain advocacy group (BICCoN) — advises affected companies and individuals to seek legal advice and redress in courts where appropriate.
BICCoN maintains that no public or private Nigerian organization should be above the law.
The body insists that is unlawful for Nigerian financial institutions to freeze or close accounts of companies or individuals accused of trading cryptocurrency.
Reports have it that since November 3, Nigerian financial institutions have been closing and freezing bank accounts of suspected entities trading cryptocurrency, claiming they are doing this in order to comply with the directive issued by the Central Bank of Nigeria(CBN) on February 5.
The bitcoin committee maintains that the actions taken by the financial institutions on accounts of entities involved in the trading of the cryptocurrency remain questionable.
“We consider the actions of the deposit money banks and other financial institutions, closing or freezing bank accounts questionable as it is not supported by the current laws of the Nigeria constitution”
The statement further reaffirms the committee’s position on the directive issued by the CBN used in excluding crypto entities from the banking system.
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