Bundle, Binance and Other Crypto Exchanges Suspend Naira Payments as they Adjust to CBN Ban

Social payments app for cash and cryptos, Bundle Africa has suspended Naira deposits following an order by the Central Bank of Nigeria (CBN) which restricts banks and their customers from all crypto transactions and dealings.

In a message to users, the company stated that the suspension of naira payments would remain in effect pending the next actions taken by the CBN. It also assured them that the latest CBN ban on cryptocurrency-related naira payment activities does not affect the crypto assets on Bundle in any way.

Trading will continue as usual and your cryptocurrency remains totally safe with us. However, due to the notice, our Naira payment partners have decided to suspend crypto-related payments for now so we have disabled Naira deposits until this is resolved.

Bundle

Nigeria’s apex bank, yesterday, issued a directive mandating all banks and regulated financial institutions to block accounts of individuals or companies trading cryptos within their systems.

Suggested read: CBN Orders Banks to Shutdown Accounts of People and Companies Transacting Cryptos

While naira deposits have been stopped for now, Bundle did not pause naira withdrawals. The crypto platform explained that withdrawals may be delayed but will definitely be processed.

Like Bundle, crypto exchanges such as Binance, Yellow Card and Luno have all disabled Naira deposits.

Binancians 🇳🇬
We're aware of the CBN circular on crypto-related NGN payments & are monitoring this closely. NGN deposits via our fiat channel are temporarily suspended but withdrawals remain available.

Your funds are safe & crypto services continues..👇https://t.co/swSsxhnofG

— Binance Africa (@BinanceAfrica) February 5, 2021

Reactions

On the back of Naira deposits being suspended, some Bundle users complained of delayed withdrawals, just as the company had informed could occur.

I sold my BTC this morning, it is yet to reflect on my bank account. Please cancel the transaction or credit my bank account please.

Collins on Twitter

Bundle is P2P enabled and another user, Solomon opined that it is the way to go for Nigerian crypto traders. “P2P has always been an unstoppable means of transacting with crypto,” he said.

Meanwhile, Bundle Africa CTO, Taiwo Orilogbon hinted at a swift transition to dollar deposits on the crypto platform.

Soon! Like very soon.

— J. Taiwo Orilogbon (@logbon72) February 6, 2021

With Nigeria leading the crypto boom in Africa, crypto proponents in the country appear resolute and undaunted in the wake of the government’s clampdown efforts. That said, it remains to be seen how this plays in the coming weeks.