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Crypto: High Court Unfreeze “Rise Vest” Accounts




Abuja Federal high court unfreeze “Rise Vest” account that was initially blocked by Central Bank of Nigeria over crypto currency transaction.

The Federal High Court sitting in Abuja has vacated an interim court order through which the Central Bank of Nigeria (CBN) froze the bank accounts in two banks of a firm that traded in cryptocurrency.

The firm, Rise Vest Technologies Limited, is one of the firms offering brokerage services for Nigerians to invest in foreign stocks.

Central Bank of Nigeria had claimed, among others, that some of such deals contravened its directive and were part of what was making the Naira weaker to the United States Dollar.

But Justice Taiwo O. Taiwo held that the CBN could not rely on a circular to freeze the bank account of a company using its bank accounts to trade in cryptocurrency.

The judge highlighted that the CBN failed to provide any law showing that trading in crypto currency is illegal in Nigeria, adding that the CBN circular, referenced as BSD/DIR/PUB/LAB/014/001 of February 5, 2021, is not a law.

Justice Taiwo ordered the banks – Zenith Bank Plc and Guaranty Trust Bank – to immediately grant the firm unfettered access to the accounts.

The court, in an October 18 ruling obtained by Nairagists on Monday, made the order while deciding a Motion on Notice brought by Rise Vest Technologies, praying the court to discharge an interim freezing order granted by the court on August 17, 2021, in Suit No: FHC/ABJ/CS/822/2021

The parties to the suit are CBN Governor (Plaintiff/Respondent) V Rise West Technologies Ltd (1st Defendant/Applicant) & five others.


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