Amid the Central Bank of Nigeria’s (CBN) intensified scrutiny of fintech firms in the country, these companies are cautioning their customers against engaging in cryptocurrency trading or any transactions involving virtual currencies via their platforms.
Following the CBN’s directive to halt the onboarding of new customers, fintech companies like OPay, Moniepoint, Palmpay, and Kuda Bank are now issuing warnings to their users to refrain from cryptocurrency trading.
For instance, OPay, one of Nigeria’s leading fintech platforms, has explicitly advised its customers against crypto trading, stating that it will deactivate any account found involved in such activities and share the user’s information with regulatory authorities.
In a notice issued on Friday, OPay stated, “In compliance with the CBN directive, please note that OPay prohibits any cryptocurrency and all virtual currency trading. Any account engaging in such activities will be closed, and customer information will be shared with regulatory authorities.”
Similarly, Moniepoint has informed its customers that their accounts will face closure if they engage in crypto transactions through the platform. The company emphasized its compliance with CBN regulations and pledged to share the details of users involved in virtual assets transactions with relevant authorities.
With the CBN’s tightening grip on cryptocurrency activities, fintech firms are taking proactive measures to adhere to regulatory directives and ensure compliance with established guidelines.
