So recently, we've seen a lot of people complaining that some banks are closing their accounts or they got arrested by EFCC. So here's a breakdown of what's really happening.
Remember the FG said nobody in Nigeria should deal in Crypto, placing various financial services like banks under hold that their users must not use Crypto services, the issue here is, if an account is flagged for using Crypto, the Bank would get an order to close that account (your money is safe, you'll have to withdraw it out), but the issue is, the banks are getting the blame and nobody is complaining about the Oga at the top that banned crypto. The Banks are regulated and they have certain laws that they have to follow (which they don't make), if they don't close the account, they can get a hefty fine or worse, lose their license. So you should understand if they prefer to close 10 accounts instead of closing their whole company or paying a 300 Million Naira fine for example.
Solution: Let's face the body making the laws and not the Banks who have no choice. Adding this here because Omoooo, e be things..
