One of the leading financial technology companies in Nigeria, OPay, has reiterated the prohibition on cryptocurrency transactions and virtual assets trading on its platform.
The fintech in a statement ,said that it was committed to upholding legal, constitutional, and regulatory duties hence the prohibition.
Following the stoppage of onboarding of new customers by fintechs by the Central Bank of Nigeria recently, OPay announced a ban on virtual asset transactions on its platform.
The CBN’s move was linked to an ongoing audit of the Know-Your-Customer process of the fintechs, which has been under scrutiny in recent months over concerns around money laundering and terrorism financing.
As a result, OPay said it did not permit trading in any form of cryptocurrency or virtual currency on its application.
Additionally, it warned that OPay accounts and wallets must not be used in connection with such activities.
“To ensure compliance with this directive, OPay conducts daily scans of its platform to detect any unauthorised cryptocurrency or virtual currency trading. Any account or wallet found in breach of this policy will be closed immediately, with details reported to the relevant regulatory authorities.”
Read the full article here
