Bank of Ghana orders banks to cut ties with crypto platforms offering USD wallets

Ghana's central bank has ordered all regulated financial institutions to stop supporting crypto platforms that offer fiat-USD wallet services to users in Ghana, calling the arrangements unauthorised under local payment and foreign exchange laws.

• Bank of Ghana says crypto platforms offering USD-denominated wallets to Ghana users are not authorised under the Payment Systems Act or Foreign Exchange Act.
• Banks, payment service providers, and electronic money issuers must immediately stop facilitating funding, settlement, or customer access to these services.
• The directive targets crypto platforms that use local bank transfers, payment cards, and other channels to offer USD wallet services.
• Institutions that fail to comply face supervisory or enforcement actions from the central bank.

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