In March, the Nigerian government filed charges against Binance, the world’s largest cryptocurrency exchange, and two of its executives for alleged tax evasion and money laundering. The company is currently contesting these charges.

The Central Bank of Nigeria (CBN) has announced a new cybersecurity levy on domestic electronic transfers, aiming to bolster the nation’s defenses against cyber threats. Effective in two weeks, all banks and mobile money operators will be required to charge a 0.5% levy on the value of each transaction.

The funds generated from this levy will be managed by the office of the National Security Adviser and used to strengthen cybersecurity infrastructure and capabilities.

Non-compliance with the new regulation will result in a penalty of 2% of the institution’s annual turnover, the central bank said.