Kenyan Banks Warn Customers About Buying Crypto: Report
NCBA Bank Kenya sent a cautionary email to customers who have transacted in crypto in the past.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/LEDLNTE4IRA3FMCNMEKPNDYESQ.jpg)
A number of banks in Kenya have issued alerts to customers who used debit or credit cards to buy crypto such as bitcoin on exchanges.
- Some of the banks advised customers not to buy, hold or trade cryptocurrencies, BitcoinKE reported June 4.
- One of them, NCBA Bank Kenya, sent a cautionary email to customers who have transacted in crypto in the past.
- "Virtual currencies such as bitcoin are not legal tender in Kenya," NCBA said in an email cited by BitcoinKE. "No protection therefore exists for you as our customer in the event that the platform holding or trading in cryptocurrency fails or goes out of business."
- The warning copies one from Kenya's central bank in 2015 advising banks and other businesses against dealing in cryptocurrency.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.