OPay Restates Crypto Transaction Ban On Platform

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One of the leading financial technology companies in Nigeria, OPay, has reiterated the prohibition on cryptocurrency transactions and virtual assets trading on its platform.

In a statement on Sunday, the fintech 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,” the statement said.

The Chief Executive Officer of OPay Nigeria, Mr Gotring  Dauda, said, “For absolute clarity, OPay has never condoned, nor will it permit, the trading of cryptocurrency or virtual assets on its platform”.

He also warned customers to ensure their OPay wallets and accounts are not involved in cryptocurrency or virtual currency transactions as non-compliance will result in account closure.

He appreciated all customers for their continued trust and support as they worked together to maintain a secure and compliant financial environment.

OPay established in 2018 has been boosting financial inclusion in Nigeria through the deployment of technology.

OPay offers a wide range of payment services, including money transfer, bill payment, airtime and data purchase, card service, and merchant payments, among others.

Renowned for its super-fast experience and reliable network, OPay is licensed by the CBN and insured by the Nigerian Deposit Insurance Corporation.

Categories: News

1 Comment

Dzamber cyril · June 3, 2024 at 8:35 pm

Ok

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