BoG Cracks Down on Crypto USD Wallets, Orders Banks to Sever Ties with Unauthorised Services

The Bank of Ghana (BoG) has directed all banks and regulated financial institutions to immediately discontinue any relationship with unauthorised United States dollar (USD) wallet services being offered by certain cryptocurrency platforms in the country. The move forms part of the central bank's efforts to strengthen oversight of Ghana's financial system and ensure compliance with existing financial regulations.

According to the BoG, it has observed a growing trend of crypto platforms offering foreign currency wallet services, particularly USD-denominated wallets, to users in Ghana through local banking channels. These services are often supported by bank transfers, payment cards, and other financial infrastructure provided by regulated institutions despite lacking the necessary regulatory approval.

The central bank stressed that such activities fall under financial services that require authorisation under the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other relevant regulations. It noted that the crypto platforms involved have not been granted permission to operate these services within Ghana's financial ecosystem.

As part of the directive, banks, payment service providers, electronic money issuers, and other regulated financial institutions have been instructed to refrain from facilitating the funding, operation, settlement, or customer access to these unauthorised wallet services. Institutions already supporting such arrangements have been ordered to terminate them with immediate effect.

The BoG has warned that failure to comply with the directive could result in regulatory sanctions or enforcement actions. The latest intervention underscores the regulator's determination to safeguard financial stability, ensure adherence to foreign exchange laws, and establish clear boundaries for digital financial innovation in Ghana.