Due to the imminent introduction of new regulations on cryptocurrency trading, several digital banks in Nigeria have warned users to cease related transactions

2024-05-07 21:43:14

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ChainCatcher news, according to Semafor, as the Central Bank of Nigeria (CBN) is about to introduce a new round of cryptocurrency trading regulations, several Nigerian fintech startups are warning users to stop cryptocurrency trading, or they will face the risk of account closure and being reported to law enforcement.

Lagos-based startup Moniepoint informed users on Monday that it will close all accounts engaged in cryptocurrency trading to comply with CBN regulations. The Chinese-funded digital bank OPay also issued a similar warning to its users.

The Nigerian Securities and Exchange Commission (SEC) met with several local cryptocurrency exchanges on Monday, expressing concerns about "peer-to-peer cryptocurrency traders and their impact on the naira exchange rate." SEC director Emomotimi Agama stated that Nigeria hopes to delist the naira from cryptocurrency trading platforms and requires exchanges to comply with new regulations that will be released "in the coming days."

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Cryptocurrency Nigeria Digital Banking

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