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Bank of Sierra Leone Orders 2 Financial Institutions to Discontinue Business

Bank of Sierra Leone Orders 2 Financial Institutions to Discontinue Business

The Bank of Sierra Leone (BSL) has informed the public that Rolling Point Network Limited at 3b Lamina Sankoh Street and Wealthgate Solution Company at 118 Ecowas Street in Freetown which are taking deposit for the purpose of investing in crypto assets should discontinue activities immediately for not licensed by the Bank of Sierra Leone (BSL).  (Photo: ASP Brima Kamara and Berashford Tylor of BSL)

The Assistant Director of Communication for BSL, Beresford Taylor was speaking to Journalists at a press conference held at the Police Headquarters last Thursday, 11th April, this year.

He informed the public that BSL is not licensed or permitted any business or financial institution to take deposit for the purpose of investing or trading in Crypto Assets, citing Bitcoin in Sierra Leone.

He further stated that the Banking Act 2011 and the other Financial Services Act 2011 provides that no person shall engage in banking business, taking deposit or issue financial products to the general public unless that person holds a valid license issue by the Bank of Sierras Leone.

He stressed that any person who contravenes the provisions of the said Acts, commits an offence and liable upon conviction to a fine or imprisonment.

The communication expert therefore further sensitized the public not to place their money as deposit in any business or financial institution that does not holds a valid license and has not been granted permission by BSL to introduce crypto assets or related products.

He continued that in accordance with the Banking Act 2011 and other Financial Services Act, BSL has issued notice to both businesses to discontinue activities immediately and assured of it continued commitment to maintaining financial system stability.

By Alhassan Bangura

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