{"id":13652,"date":"2021-10-27T12:54:24","date_gmt":"2021-10-27T12:54:24","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/nigerian-judge-rules-in-favor-of-accused-crypto-startup-accounts-to-be-reopened\/"},"modified":"2021-10-27T12:54:24","modified_gmt":"2021-10-27T12:54:24","slug":"nigerian-judge-rules-in-favor-of-accused-crypto-startup-accounts-to-be-reopened","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/nigerian-judge-rules-in-favor-of-accused-crypto-startup-accounts-to-be-reopened\/","title":{"rendered":"Nigerian Judge Rules in Favor of Accused Crypto Startup, Accounts to Be Reopened"},"content":{"rendered":"<p><strong>A Nigerian Federal Court judge recently ruled that the two frozen bank accounts belonging to Rise Vest Technologies, which is accused of trading cryptocurrencies, must be reopened. <\/strong><\/p>\n<h2>CBN\u2019s Bank Account Freeze Order Dismissed<\/h2>\n<p>In a ruling that overturns the Central Bank of Nigeria (CBN)\u2019s August 17 decision to freeze the bank accounts, Judge Taiwo Taiwo is <a href=\"https:\/\/thenationonlineng.net\/court-unfreezes-accounts-blocked-by-cbn-for-cryptocurrency-trading\/amp\/\">quoted<\/a> by The Nation insisting that the central bank could not simply rely on a mere circular when deciding to close an account.<\/p>\n<p>In addition, the news outlet quotes the judge explaining in his ruling that the CBN\u2019s February 6 directive to banks is, in fact, not the law. Judge Taiwo notes in his ruling that the CBN had failed to furnish the court with the relevant sections of the law which prove that cryptocurrency trading is indeed illegal.<\/p>\n<p>\u201cI have perused the counter affidavit of the Respondent and I see that the reason for freezing the account of the applicant is based on the alleged infraction of the circular of the CBN. The law is trite that any conduct that must be sanctioned must be expressly stated in a written law,\u201d said Judge Taiwo.<\/p>\n<\/p>\n<h2>Central Bank Circulars Not Law<\/h2>\n<p>The judge asserts that since such circulars are unknown to the law, the CBN cannot, therefore, use these as a basis for punishing errant companies.<\/p>\n<p>Meanwhile, the same report also quotes judge Taiwo questioning the CBN\u2019s inclusion of public policy considerations in its submissions against Rise Vest Technologies\u2019 application.<\/p>\n<p><em><strong>What are your thoughts about this story? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n<p>Bitcoin News<br \/>\nRegulation, CBN crypto ban, Central Bank of Nigeria, Central Banks, Cryptocurrency Trading, Fintech, fintechs, Nigeria fintechs, Rise Vest Technologies<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Nigerian Federal Court judge recently ruled that the two frozen bank accounts belonging to Rise Vest Technologies, which is accused of trading cryptocurrencies, must be reopened. CBN\u2019s Bank Account Freeze Order Dismissed In a ruling that overturns the Central Bank of Nigeria (CBN)\u2019s August 17 decision to freeze the bank accounts, Judge Taiwo Taiwo&hellip;<\/p>\n","protected":false},"author":0,"featured_media":13653,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13652"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13652"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13652\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13653"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}