Moniepoint, a leading financial technology company in Nigeria, has announced a significant policy adjustment concerning cryptocurrency trading on its platform. In alignment with the directives issued by the Central Bank of Nigeria (CBN), Moniepoint has implemented a ban on all cryptocurrency transactions effective immediately.
In a statement issued today, Moniepoint reiterated its dedication to regulatory adherence and the preservation of financial transaction integrity within Nigeria. The decision to prohibit crypto trading reflects recent mandates from the CBN aimed at safeguarding the Nigerian financial landscape.
"We hereby notify all our esteemed customers that cryptocurrency trading is no longer permissible on the Moniepoint platform," the company declared. "In compliance with CBN guidelines, any individual found participating in crypto or other virtual asset dealings will face immediate account closure, with their information shared with relevant authorities."
This action by Moniepoint underscores the ongoing regulatory scrutiny surrounding cryptocurrency operations in Nigeria. The CBN has voiced concerns regarding the potential risks associated with virtual currencies, including money laundering, terrorism financing, and consumer safeguarding.
Moniepoint affirmed its customers that this decision was made to uphold regulatory standards and uphold the trust and security of its services. The company urged users to adhere to the updated terms of service to prevent any account disruptions.
As the global regulatory framework regarding cryptocurrencies continues to evolve, Nigerian fintech entities like Moniepoint are adjusting their policies to conform to governmental directives, ensuring the resilience of the financial ecosystem.
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