Bank of Ghana Orders Financial Institutions to Cut Ties with Unauthorised USD Crypto Wallets

Bank of Ghana Orders Financial Institutions to Cut Ties with Unauthorised USD Crypto Wallets

The Bank of Ghana has issued an urgent supervisory directive banning all regulated financial institutions from supporting fiat USD wallet services offered by unauthorised crypto platforms operating in the country.

In a notice signed by Bank Secretary Aimee Vyda Quashie on June 12, the central bank expressed concern over the growing use of foreign currency-denominated wallet arrangements, particularly in U.S. dollars, by certain crypto platforms serving Ghanaian users. These services are often funded through bank transfers, payment cards, and other payment channels provided by regulated entities.

According to the directive, such arrangements typically involve activities that require authorisation under the Payment Systems and Services Act, 2019 (Act 987) and the Foreign Exchange Act, 2006 (Act 723). The Bank of Ghana stated that the relevant crypto platforms have not been granted approval to undertake these activities.

Consequently, all banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers, Payment Service Providers, and other regulated financial institutions are directed to immediately refrain from establishing or maintaining any arrangements that facilitate the funding, operation, settlement, or customer access to these unauthorised fiat wallet services.

Institutions currently providing banking, payment, card acquiring, settlement, or related services in support of such arrangements must take immediate steps to discontinue them.

The central bank warned that failure to comply could result in supervisory or enforcement actions.

For inquiries, the Bank of Ghana directed stakeholders to contact vasp@bog.gov.gh.