OPay issues stern warning, prohibiting cryptocurrency trading via its app, in compliance with CBN directive, threatening account termination
Any account found engaging in cryptocurrency activities will be blocked, with customer details shared with regulatory agencies, OPay announces
OPay, a prominent financial technology company, has issued a stern warning to its customers against trading cryptocurrency or virtual currency via its app.
In a notice released on Friday, the company stated its intention to block any account found participating in such trading activities and to provide the account owner’s details to regulatory authorities.
“In compliance with the CBN directive, please be aware that OPay prohibits all cryptocurrency and virtual currency trading. Any account involved in such activities will be terminated, and customer information will be shared with regulatory agencies.
“Kindly ensure that your account refrains from any cryptocurrency or virtual currency transactions,” the company cautioned.
This warning comes amidst increased scrutiny from the Central Bank of Nigeria (CBN) on fintech companies operating within the country.
Previously, the CBN had instructed OPay, Moniepoint, Palmpay, and Kuda Bank to halt onboarding new customers.
OPay’s announcement follows reports that Nigeria’s National Security Adviser (NSA) has classified crypto trading as national security.
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