Crypto enthusiasts who frequent the platforms of several prominent fintech companies have received a significant warning.
They’ve been advised to steer clear of conducting cryptocurrency transactions on these platforms. Customers who engage in cryptocurrency or virtual currency trading on these apps risk having their accounts blocked.
This directive has been communicated by at least four fintech companies—Opay, Moniepoint, PalmPay, and Paga—to their customers as of Friday.
Last week, the Central Bank of Nigeria (CBN) halted the onboarding of new customers by major fintech firms like Kuda, Opay, PalmPay, and Moniepoint. The CBN’s action was attributed to an ongoing audit of the Know-Your-Customer process within these fintech firms. They have been under scrutiny due to concerns regarding money laundering and terrorism financing.
Prior to the CBN’s directive, the Economic and Financial Crimes Commission (EFCC) had secured a court order to freeze over 1,146 bank accounts belonging to various individuals and companies allegedly involved in illegal foreign exchange transactions.
In a notice issued recently, OPay stated its intention to take stringent measures against customers who violate its policy, which mirrors the Central Bank of Nigeria’s position on cryptocurrency trading.
The notice outlined that OPay prohibits all cryptocurrency and virtual currency trading activities. Any account found engaging in such activities will be closed, and customer information will be shared with regulatory authorities.
