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OPay Issues Warning To Customers Over Cryptocurrency Trading

The CBN recently instructed OPay, alongside other fintech companies like Moniepoint, Palmpay, and Kuda Bank, to halt the onboarding of new customers

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OPay Issues Warning To Customers Over Cryptocurrency Trading

In a notice released on Friday, OPay, one of Nigeria’s leading fintech companies, issued a stern warning to its customers against engaging in cryptocurrency or virtual currency trading on its platform, News About Nigeria reports.

The company declared its intention to shut down any account found participating in such activities and vowed to share the account owner’s details with regulatory authorities.

The notice from OPay read, “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.”

This cautionary move by OPay comes amidst increased scrutiny from the Central Bank of Nigeria (CBN) on fintech firms operating within the country.

The CBN recently instructed OPay, alongside other fintech companies like Moniepoint, Palmpay, and Kuda Bank, to halt the onboarding of new customers.

In response via a statement, OPay assured its customers of its integrity and commitment to fighting fraud.

The bank noted that it has taken steps to ensure its integrity, including closing non-compliant accounts, implementing strict security measures, and educating customers to help combat fraud.

“Opay remains committed to working closely with the Central Bank of Nigeria (CBN) and other regulatory bodies to fight money laundering, fraud, terrorism financing, and other illegal financial activities.

“As a regulatory-compliant institution, OPay follows the rules set by the CBN and other regulators to ensure the financial system’s integrity. To achieve this, we have closed non-compliant accounts, implemented strict security measures, and educated customers to help combat fraud.

“To support government efforts to clean up the financial industry, Opay and other fintech companies have temporarily paused onboarding new customers and creating new wallets. This action reflects our commitment to a secure financial environment and fighting against illicit activities,” the statement reads in part.

This development also coincides with reports that Nigeria’s National Security Adviser (NSA) has classified cryptocurrency trading as a national security concern.

According to Moniepoint’s CEO, Tosin Eniolorunda, this classification has prompted preparations for new crypto regulations aimed at banning the peer-to-peer trading of cryptocurrencies.

Furthermore, fintech companies are now obligated to report any accounts discovered to be involved in crypto trading to the NSA through the CBN.

This is to curb potential security risks associated with cryptocurrency transactions.

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