Quidax offers 30 days of free deposits and withdrawals as CBN relaxes its prohibition on cryptocurrency transactions

In honour of the occasion, Quidax is offering free deposits and withdrawals to both current and potential users for the next thirty days

December 24, 2023 Joshua Samuel

The Central Bank of Nigeria (CBN)’s Financial Policy & Regulation Department said late on Friday that the ban on cryptocurrency transactions in the nation’s financial system has been lifted, marking what might be considered the largest milestone in the country’s crypto business for 2023.

Remember that in February 2021, the top financial regulator in Nigeria banned banks from assisting with transactions involving cryptocurrency-related businesses? For the moment, the growing Nigerian cryptocurrency community could deposit and withdraw cryptocurrency and money using bank accounts; yet, this ban was a blow to their progress.

The National Blockchain policy was introduced in May 2023, but even though a lot has happened in the last year, the ban remained in effect until December 22, 2023, when the CBN declared in a circular that it had been lifted.

This circular, which was published late on Friday, will enable Nigerian cryptocurrency investors to handle transactions involving cryptocurrency through their bank accounts, greatly simplifying the trading and transacting of digital assets across exchanges and payment platforms.

One of the top cryptocurrency exchanges on the African market, Quidax, has offered free deposits and withdrawals to users in light of this enormously important development.

Consequences of Nigeria’s Prohibition on Cryptocurrency Trading

Many Nigerian cryptocurrency companies were forced to operate covertly when the unpopular regulation was implemented in February, while others, like Quidax, were compelled to adapt to continue operating and retaining their clientele.

An executive from Quidax told Wakenews that while the company was aware of the challenge, it was up to the job.

“Despite the regulatory obstacles, it was our responsibility to conduct business in a way that still adhered to global best practices.”

Regarding the easing of the restrictions, the executive noted that it is a positive step for the sector and will undoubtedly increase the usage of cryptocurrency in Nigeria.

“While we remain committed to helping spread its adoption nationwide, we’re ready to foster an enabling environment for cryptocurrency trading,” he stated.

Free deposits and withdrawals are offered by Quidax when Nigeria lifts its restriction on cryptocurrency transactions.

In celebration of the lifting of the cryptocurrency restriction, Quidax is offering free deposits and withdrawals to both current and potential users for the next 30 days, beginning on December 22, 2023.

This implies that users of the exchange site will be able to benefit from free transactions by utilizing their bank accounts, according to Quidax.

According to the Quidax executive who talked with Wakenews, the business continued to run even with the CBN cryptocurrency prohibition. Additionally, since the cryptocurrency ban has been loosened, Quidax is welcoming more clients and wants to provide them with greater value.

A representative from the company stated, “This is our gift to Nigerians as the holiday season gets underway.”

Customers can first register for an account on Quidax using the web or mobile app (for new users), or they can sign in (for current users). For the next thirty days, customers will have free access to their bank accounts for deposits and withdrawals as long as they complete the required identification verification procedures.

The exchange, situated in Lagos, recently commemorated its fifth anniversary and has been aggressively growing. And now that the CBN limitations have been loosened, the exchange seems ready to profit.

Author

Joshua Samuel

A conscientious writer with a knack and passion for story telling which spans across different sectors and segments. I love telling stories in writing and bringing quality, authentic and timely information to everyone everywhere.

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