Nigerian Fintech company, OPay, has notified customers that the institution will no longer permit cryptocurrency and all other forms of virtual currency trading on its app.
OPay management issued a public notice on Friday, May 3, disclosing the decision to existing and potential customers, adding that any account found flaunting the order will be closed and reported to regulatory authorities.
According to the financial institution, the move is in response to a recent directive from the Central Bank of Nigeria (CBN) as part of the fight against money laundering, fraud, terrorism financing, and other illegal financial activities
The notice reads:
“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.”
News Central reported that the country’s Apex Bank instructed OPay, Kuda Bank, Palm Pay and Monie Point to suspend the onboarding of new customers.
The directive was issued over suspicions that the Fintech companies were being used for illicit foreign exchange transactions.
OPay reassured existing customers that their funds and data were safe and secure, adding that the institution is committed to working closely with the CBN to combat fraud.