One of Nigeria’s digital payment and fintech firms, Opay, has warned customers against trading cryptocurrency or conducting virtual currency transactions on its platform. The company stated in a notice to customers on Friday, May 3, 2024, that it would permanently block any account engaging in such trading and send the account details to the authorities......Read The Full Article>>.....Read The Full Article>>
Opay stops customers from FX trading
The payment company also prohibited customers from engaging in foreign currency and money laundering activities on the platform.
Reports say this development is due to the Central Bank of Nigeria (CBN) intensifying its regulatory oversight of fintech firms in the country.
Legit.ng reported that the apex bank had directed Opay, Moniepoint, Palmpay, and Kuda Bank to stop opening new customer accounts.
Opay said:
“In compliance with the CBN directive, OPay prohibits cryptocurrency and virtual currency trading. Any account engaged in such activities will be closed, and customer information will be shared with regulatory authorities.
“Please ensure that your account does not involve any cryptocurrency or other virtual currency transaction.”
FG designates crypto trading as a national security issues
The warning by the fintech firm comes as Nigeria’s National Security Adviser (NSA) reportedly classified crypto trading as a national security challenge.
Analysts say the new classification could mean a new regulation may be coming, which could ban peer-to-peer crypto trading.
Reports say the NSA’s classification restricted the four financial technology firms from onboarding new customers.
