FinTechs Warn Customers Against Crypto Trading As CBN Tightens Restrictions

Fintech companies have warned their customers against trading in cryptocurrency or any virtual currency on their app.

The development concurrently followed Central Bank of Nigeria’s (CBN) ongoing investigation into fintech enterprises within the nation. Previous orders to cease onboarding new customers were given by the CBN to OPay, Moniepoint, Palmpay, and Kuda Bank.

In compliance with the CBN directive, Fintech companies are sending notice to their customers to desist from trading in cryptocurrency.

For instance, one of Nigeria’s leading fintech companies, OPay, has warned its customers against trading in cryptocurrency or any virtual currency on its app.

The company, in a notice issued on Friday, said it would block any account found engaging in such trading and also forward the details of the account owner to the regulator.

The statement 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.”

Moniepoint has also notified its customers that their accounts will be blocked if they facilitate crypto transactions with it.

In the notification sent to customers on Thursday, May 2, 2024, Moniepoint said: “In line with CBN regulation we will close the account of anyone engaging or other virtual assets transactions and share their details with relevant authorities.”