July 20, 2024

OPay, a renowned financial technology business, has issued a warning to its consumers against trading cryptocurrency or any other virtual money on its app.

In a notification sent on Friday, the company stated it would block any account caught participating in such activity and report the account owner’s details to the regulator.

“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,” the company warned.

OPay’s decision comes on the heels of the Central Bank of Nigeria (CBN) continues to beam its searchlights on fintech companies in the country.

Earlier, the CBN had directed OPay, Moniepoint, Palmpay, and Kuda Bank to stop onboarding new customers.

OPay’s warning comes after Nigeria’s National Security Adviser (NSA) reportedly classified crypto trading as a national security issue.

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