Following CBN Directive, OPay, Palmpay, Others Clamps Down On Crypto

In a move aligning with the Central Bank of Nigeria’s (CBN) recent stance, several fintech companies have issued warnings to their customers regarding cryptocurrency trading.

These companies, including OPay, PalmPay, Moniepoint, and Paga, have informed users that crypto transactions are prohibited on their platforms.

The warnings come after the CBN reportedly directed these fintech firms to halt onboarding new customers last week. This latest development suggests a tightening of regulations around cryptocurrency activity in Nigeria.
According to OPay’s statement, any accounts found engaging in crypto trading will be blocked, and user information could be forwarded to the regulators.

Similar messages were issued by the other fintech companies, emphasizing compliance with the CBN’s directive.
In a notice issued on Friday, OPay said it would take strict measures against customers who violate its policy, which aligns with the Central Bank of Nigeria’s stance on cryptocurrency trading.

“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.

“Please ensure that your account does not involve any cryptocurrency or any other virtual currency transaction,” the fintech firm warned.

In a similar move, Paga, a fintech firm that has processed transactions worth $32bn in 15 years of operation, said in an email to its customers, “As a Paga account holder, please ensure that your account is not used for crypto and virtual currency transactions. Paga accounts in violation of this regulation will be blocked,” it said.

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Posted: at 4-05-2024 10:56 PM (1 week ago) | Hero

Ok

Posted: at 5-05-2024 05:18 AM (1 week ago) | Addicted Hero

 

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Posted: at 5-05-2024 11:39 AM (1 week ago) | Addicted Hero

It's a real buzzkill to see the crackdown on crypto happening in Nigeria. I've been riding the crypto wave for a while now, and it's frustrating to see the government and fintech companies putting the squeeze on it.
I remember when crypto was all about freedom and decentralization, but now it feels like we're back to square one with all these regulations. It's like trying to surf with ankle weights on – just slows you down, you know?
Anyway, enough of the downer talk. Have you heard about https://luckyboo.dog/ ? It's this tool I stumbled upon recently that promises to shake things up in the crypto world. I'm intrigued by it, but I'd love to hear your thoughts.

Posted: at 14-05-2024 11:07 AM (4 days ago) | Newbie