Quidax Announces Free Transactions as CBN Lifts Crypto Ban

 

In a significant development for the Nigerian crypto industry in 2023, the Financial Policy & Regulation Department of the Central Bank of Nigeria (CBN) announced the lifting of the ban on crypto transactions in the country's financial system. This decision comes after the ban was imposed in February 2021, restricting banks from facilitating transactions with crypto-related entities.

Despite various events, including the launch of the National Blockchain policy in May 2023, the ban remained in effect until December 22, 2023, when the CBN officially lifted it through a circular. With this development, crypto investors in Nigeria can now process crypto-based transactions via their bank accounts, easing trading and transactions with digital assets across exchanges and payment services.

Quidax, one of the leading crypto exchanges in Africa, responded to this significant change by announcing free bank account deposits and withdrawals for its customers. The move is aimed at celebrating the relaxation of the ban and fostering an enabling environment for cryptocurrency trading in Nigeria.

When the ban was initially implemented in February 2021, many Nigerian companies faced challenges, with some opting to move operations out of the country or shutting down entirely. Quidax, however, innovated to navigate these regulatory hurdles and adapt to global best practices.

The Quidax executive expressed optimism about the industry's future with the relaxation of restrictions, emphasizing the commitment to facilitating crypto adoption nationwide. To mark the occasion, Quidax is offering free transactions for bank account deposits and withdrawals to both existing and new customers for the next 30 days, starting from December 24, 2023.

This move is seen as a gesture of goodwill during the holiday season, and customers can take advantage of this offer by creating accounts on Quidax through the mobile app or web, subject to necessary identity verification processes. As the CBN restrictions ease, Quidax, based in Lagos and celebrating its fifth anniversary, is poised for further expansion and increased customer engagement.