Technology Mirror
CBN DIRECTIVE: Opay & Palmpay to Ban Customers Trading in Cryptocurrency

CBN DIRECTIVE: Opay & Palmpay to Ban Customers Trading in Cryptocurrency

Following a recent stopping of onboarding of new customers handed-over to OPay, Moniepoint, Palmpay, and Kuda Bank by the Central Bank of Nigeria (CBN) over the alleged trading on cryptocurrency by users of the fintechs platform, two of them namely: Opay and PalmPay vowed to ban customers involved in the act of cryptocurrency trading on their platforms.

In statement, they warned their customers against trading in cryptocurrency or any virtual currency on their apps, threatening to block any accounts engaging in such activities. .

In a notice issued on Friday, Opay said it would block any account found engaging in such trading and forward the account owner’s details to the apex bank.

“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,” Opay said.

“Please ensure that your account does not involve any cryptocurrency or any other virtual currency transaction,” Opay added.

In a similar move, PalmPay, said in an emailed statement, “We strongly advise against using your PalmPay account for transactions involving cryptocurrencies or other virtual assets. Please be advised that failure to comply with these regulations may result in the suspension of your account”.


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