Bank of Ghana Blocks Unauthorized Crypto Wallet Services

The Bank of Ghana has directed banks and other financial institutions to halt support for unauthorized cryptocurrency wallet services in the country.

The central bank observed that some crypto platforms are offering fiat currency wallet services, including US dollar-denominated wallets, which may constitute activities requiring approval under applicable regulatory frameworks.

These platforms have not received authorization to conduct such activities in Ghana, and as a result, the Bank of Ghana has instructed banks to refrain from entering into or maintaining arrangements that enable the funding, operation, settlement, or customer access to these unauthorized services.

The regulator warned that institutions failing to comply with the directive risk facing supervisory sanctions and other enforcement measures.