The founder and CEO of cryptocurrency exchange, Binance, Changpeng Zhao has reacted to the order by the Central Bank of Nigeria which prohibits commercial banks and all non-banking financial institutions from transactions involving cryptocurrencies.

The CBN gave the order as seen in a statement issued on Friday, stressing that all the institutions are to close the accounts of customers with cryptocurrency transactions immediately.

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The apex bank added that breaches of the directive will attract severe regulatory sanctions.

Reacting to the order which, according to Zhao, will affect naira deposits and withdrawals, the Binance CEO advised the withdrawal of naira to avoid potential channel issues.

“Received notice from our channel partners that NGN deposits and withdrawals will be affected,” the CEO wrote on his official Twitter handle on Friday.

“Still confirming details on when/how. Please withdraw your NGN as early as possible to avoid potential channel issues. Will share more details as they become available.”

In another tweet, He said, “To err on the safe side, we have also disabled deposits to prevent more NGN coming in.”