Due to CBN directive’ — OPay to close accounts trading crypto

Due to CBN directive’ — OPay to close accounts trading crypto

OPay, a Nigerian-based financial technology firm, has warned its customers against using their accounts to facilitate cryptocurrency transactions.

The fintech firm, in a statement on Friday, said due to a directive from the Central Bank of Nigeria (CBN), it will close accounts involved in crypto trading.

‘Due to CBN directive’ — OPay to close accounts trading crypto
May 4, 2024
10:28 am
Business

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‘Due to CBN directive’ — OPay to close accounts trading crypto

OPay, a Nigerian-based financial technology firm, has warned its customers against using their accounts to facilitate cryptocurrency transactions.

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The fintech firm, in a statement on Friday, said due to a directive from the Central Bank of Nigeria (CBN), it will close accounts involved in crypto trading.

The statement follows the recent directive by CBN to some financial technology companies (Fintechs) to pause the onboarding of new customers until further notice.

Some fintech firms confirmed compliance with the CBN directive on April 30.

In the statement, OPay said 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,” OPay said.

“Please ensure that your account does not involve any cryptocurrency or any other virtual currency transaction.”

On April 24, a federal high court in Abuja delivered a ruling that granted an interim order to the Economic and Financial Crimes Commission (EFCC) to freeze at least 1,146 bank accounts belonging to individuals and companies over “unauthorised foreign exchange” transactions.

TheCable Index analysis of the 1,146 accounts showed 90 percent of the affected accounts are operated by commercial banks, while 10 percent are operated by fintechs.