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Thursday, June 20, 2024

OPay bans Cryptocurrency, virtual assets trading from platform

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Financial technology company, OPay, has reaffirmed its strict prohibition of cryptocurrency and virtual asset trading on its platform.

The company said as a compliant organisation committed to upholding legal, constitutional, and regulatory duties, it prioritises the safety, strength, and integrity of the financial system.

The Chief Executive Officer of OPay Nigeria, Mr. Gotring Wuritka Dauda, said the company does not permit trading in any form of cryptocurrency or virtual currency on its platform.

The CEO promised that OPay’s accounts and wallets would not be used in connection with such activities.

To ensure compliance with the directive, Dauda said OPay conducts daily scans of its platform to detect any unauthorized cryptocurrency or virtual currency trading.

According to him, any account or wallet found in breach of this policy will be closed immediately with details reported to the relevant regulatory authorities.

“For absolute clarity, OPay has never condoned, nor will it permit, the trading of cryptocurrency or virtual assets on its platform,” Dauda said in a statement made available to The Nation.

Urging all customers to ensure their OPay wallets and accounts are not involved in cryptocurrency or virtual currency transactions, the CEO warned that “non-compliance with this policy will result in account closure”.

He expressed appreciation to OPay customers for their continued trust and support as they work together to maintain a secure and compliant financial environment.

OPay was established in 2018 as a leading financial institution in Nigeria with the mission to make financial services more inclusive through technology.

The company offers a wide range of payment services, including money transfer, bill payment, airtime and data purchase, card service, and merchant payments, among others.

Renowned for its super-fast experience and reliable network, OPay is licensed by the Central Bank of Nigeria (CBN) and insured by the Nigerian Deposit Insurance Corporation (NDIC) with the same insurance coverage as traditional banks.

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