It has been reported that in Nigeria, the accounts of the people have been monitored for engagement in cryptocurrency trading. This action has been officially dealt with, and the government itself is known to be involved in the procedures taking a closer look at the following accounts. This is known to be in response to the statement issued by the CBN or the Central bank of Nigeria, which demanded all private banks close, freeze, or loom at the accounts with crypto trading, which are belongings of any two individuals. The local publication in Nigeria also confirmed the statement. They said that an internal memo has been issued to all the banks seeking the vital and core information of the account and seizing them according to the volumes.
They issued the order to check for the amount of transaction and the number used to defernite between the trading with the cryptocurrencies. They also added that the owners of the account should cooperate with the ban. They stated that if the holders do not cooperate with the findings and the questions being asked, they might get penalized for their act. They also said that the bank should take care that the regulation of the statement is made under the set guidelines to ensure that there are no loopholes while finding and monitoring different accounts. Accounts that have a more significant number of transactions or heavy transactions very often may get significantly noticed, and the holders may be questioned.
They should also check the payment license and should prove the statements of the transactions to the bank. The red-flagged would be those large companies with a heavy flow of cash and money and those small companies that possess more transaction money or any digital assets than usual.