OPay Compliance: Accounts Trading Crypto to be Closed Following CBN Directive

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OPay, a leading Nigerian fintech firm, has announced its intention to shut down accounts involved in cryptocurrency transactions in adherence to a directive from the Central Bank of Nigeria (CBN). 

The decision comes in the wake of recent regulatory measures, with the CBN instructing fintech companies to halt the onboarding of new customers until further notice. 

Confirming its compliance with the CBN directive, OPay emphasized the prohibition of cryptocurrency and virtual currency trading on its platform. 

Any accounts found engaging in such activities will face closure, with customer information to be shared with regulatory authorities. 

This move reflects the broader regulatory landscape in Nigeria, where the EFCC recently secured a court order to freeze over 1,100 bank accounts, including those operated by fintech companies, over unauthorized foreign exchange transactions.

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