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25 June 2021

Kenyan Banks Warn Clients Against Crypto Trading – Finance Bitcoin News

Kenyan Banks Warn Clients Against Crypto Trading – Finance Bitcoin News


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Kenyan Banks Warn Clients Against Crypto Trading – Finance Bitcoin News.

According to a local report, one of the banks, NCBA Bank Kenya is now advising clients “not to buy, hold, or trade in virtual currencies.” In a warning sent to clients who have previously transacted on crypto exchanges, NCBA Bank said:.

Throughout the emailed alert, the NCBA Bank repeats the common lines that are used by central banks when attempting to discredit digital currencies.

Furthermore, the bank also warns that cryptocurrencies are traded on exchange platforms which “are not properly regulated” and that consumers risk losing all their funds in the “event these exchanges collapse or close business.” While NCBA Bank clients can still transact with cryptocurrency exchanges, the bank still warns that it does not “approve cryptocurrency transactions.”.

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