BoG Cracks Down on Crypto Dollar Wallets; Orders Banks to Cut Ties Immediately

The Bank of Ghana (BoG) has ordered all banks, payment service providers and regulated financial institutions to immediately halt any arrangements that support the funding, operation or settlement of unauthorised fiat currency wallet services offered to Ghanaian users by crypto platforms.

In a supervisory directive dated June 14, 2026, the central bank raised alarm over the growing use of foreign‑currency‑denominated wallets—mainly US dollar wallets—run by crypto platforms for users in Ghana.

According to the BoG, these services are being enabled through bank transfers, payment cards and other channels provided by regulated institutions, despite the fact that such activities require explicit authorisation under the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other regulatory frameworks.

The central bank stressed that no crypto platform has been authorised to operate such fiat wallet services in Ghana.

Immediate Compliance Required

The directive instructs banks, specialised deposit‑taking institutions, electronic money issuers and payment service providers to cease all relationships that facilitate customer access to these unauthorised wallets.

“Institutions that currently provide any banking, payment, card acquiring, settlement, or related services in support of such arrangements shall take immediate steps to discontinue such support,” the notice stated.

Enforcement Warning

The BoG cautioned that institutions that fail to comply risk supervisory or enforcement actions, including sanctions and regulatory penalties. The directive did not name the crypto platforms involved but made clear that none have received approval to operate fiat wallet services.

Part of Broader Digital Asset Oversight

The move forms part of the Bank of Ghana’s broader effort to tighten oversight of Ghana’s fast‑evolving digital asset ecosystem. While the country continues to explore the potential of a central bank digital currency, regulators have adopted a cautious stance toward private crypto operations, prioritising consumer protection and financial stability.

The BoG is currently developing a regulatory framework for Virtual Asset Service Providers (VASPs), and the directive reinforces that only authorised entities may operate in the space. Institutions were directed to contact the central bank via its official email for guidance on registration and compliance.

The notice was signed by Aimeve Yda Quashie, Secretary to the Bank.

The directive is expected to have immediate implications for crypto platforms offering dollar‑denominated wallet services to Ghanaian users, as well as the banks and payment providers that have been facilitating those transactions. With no grace period provided, institutions are required to comply at once or face regulatory consequences.