Nigeria no longer safe haven for cryptocurrency traders

With the latest clampdown on the operations of cryptocurrency operators by the different financial regulators and law enforcement agencies, patrons of the now infamous trade, especially within the country are living in fear, reportsOne business that has taken a lot of heat lately is the operators of cryptocurrency platforms.

It would be recalled earlier that the Economic and Financial Crimes Commission recently secured a court order to freeze at least 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions. The warnings come after the CBN reportedly directed these fintech firms to halt onboarding new customers last week. This latest development suggests a tightening of regulations around cryptocurrency activity in Nigeria.

“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. “This is a self-reflection of our industry. As you know, fintech apps are used for fraud. One of the things that led to the most recent announcement is that crypto players were manipulating the naira, especially with the P2P market,” he said.

The digital assets platform run by the Canadian national, serves as a window for peer-to-peer transactions allowing users to advertise interest to sell or buy currencies of their choice. “Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal. Any member of the investing public dealing with the entity is doing so at his/her own risk.

Things literally began to fall apart for Binance Nigeria, when words went round that the cryptocurrency exchange platform working with some local and international syndicates were largely responsible for the FX crisis and the depreciation of the naira in recent times. Things however came to a head when two executives of the company who flew into the country from the US as part of moves to negotiate with the Nigerian authorities amid a crackdown on the crypto platform were arrested and detained shortly after they arrived in Abuja even as the government obtained a court order to keep them for 12 days.

Source: Digital Coin News (digitalcoinnews.net)

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