Crypto Wars:A Conspiracy Therorist's View Of Why These Two Major Banks Keep Freezing Accounts

Banking sometimes is inimical to the vagaries of the Wild Wild West. Also, It is an industry that is plagued with high level competition, so much so that the feeble minded CEO's may not survive in this war zone-like territory.



Recently, Gtbank and Access bank were reported to have frozen the accounts of some of their customers who it is believed suffered such a fate due to their past involvements in Crypto trading. According to a report from Binance Crypto exchange, about 200 million dollars of cryptocurrency assets are traded every week by people who live in Nigeria. By global financial standards, that is huge money being staked outside of a country's economy.



However, the brunt here is that the major banks are not as favored as the smaller banks who by operational wisdom placed themselves in the arena where the crypto money making games are played.

For example, Providus and Kuda Banks have in someway acted as financial fiduciary for some these crypto exchanges both locally and internationally. This is also could mean that many if the transactions done in the country are processed with the help of these banks at the profit expense of the major banks.

Aside Cryptos, many other Fintech companies have their major accounts with Providus. A case in point was when a Piggyvest( an online savings platform) recently sent news to its customers not to panic, as they were sorting out issues with Providus Bank due to the recent CBN Policy.




The Bank Transfer Section For The Binance App, Which is The Biggest Exchange In The World.







Kuda Bank Ranks Top Amongst The Nigerian Banks In The P2P Section Of The Binance App.

Another clue to give credence to, is the P2P platform on Binance Exchange where Kuda bank plays a more notable role ahead of any other bank in Nigeria. This technically translates to the fact huge transactional volumes are enjoyed by Kuda ahead of other local banks. All said and done, this could be one reason why the bigger banks are exploiting more punitive methods with crypto traders in other to stifle the growing crypto and fintech space.