OPay To Close Accounts Trading Crypto

Nigerian-based financial technology firm, OPay, on Friday, warned its customers against using their accounts to facilitate cryptocurrency transactions.

The fintech firm, in a statement, said due to a directive from the Central Bank of Nigeria (CBN), it will close accounts involved in crypto trading.

The statement follows the recent directive by CBN to some financial technology companies (Fintechs) to pause the onboarding of new customers until further notice.

Some fintech firms confirmed compliance with the CBN directive on April 30.

OPay said via X that 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.”

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On April 24, a federal high court in Abuja delivered a ruling that granted an interim order to the Economic and Financial Crimes Commission (EFCC) to freeze at least 1,146 bank accounts belonging to individuals and companies over “unauthorised foreign exchange” transactions.

Analysis of the 1,146 accounts showed 90 percent of the affected accounts are operated by commercial banks, while 10 percent are operated by fintechs.

Meanwhile, the CBN had denied instructing banks to restrict cryptocurrency accounts.

In a post on X, CBN clarified that the circular did not originate from the bank, urging the public to visit its official website for “authentic updates.”

According to the circular, all deposit money banks (DMBs), non-bank financial institutions (NBFIs), and other financial institutions (OFIs) were directed to identify persons and entities transacting in cryptocurrencies and ensure such accounts are put on post-no-debit (PND) instruction for six months.