The Central Bank of Nigeria has instructed four fintech companies to stop creating new accounts to prevent cryptocurrency traders from using them

ChainCatcher news, according to News.bitcoin, the Central Bank of Nigeria (CBN) has instructed four fintech companies Moniepoint, Palmpay, Opay, and Kuda to stop creating new accounts, citing that cryptocurrency traders may use these accounts.

A report from Techcabal states that shortly after the Economic and Financial Crimes Commission (EFCC) of Nigeria froze over 1,140 bank accounts suspected of being linked to illegal foreign transactions, the CBN issued this directive. The report also cites a statement from a fintech company indicating that the account freezes are temporary. An executive from one fintech company, who wished to remain anonymous, also confirmed the temporary nature of the suspension. The executive also linked the CBN's directive to an ongoing audit of the KYC processes of the affected fintech companies.