Payment App Kurepay Suspends Operations Due to CBN Crypto Crackdown

Kurepay, a social payment app for cryptocurrency located in Abuja has stated that cryptocurrency impasses initiated by the Central Bank of Nigeria (CBN)  has resulted to the suspension of its operation in Nigeria.

Furthermore, the suspension of operations will begin during the first quarter of 2022. The blockchain based application software company will begin to confine business activities to cryptocurrency market consultation and over-the-counter (OTC), This report was according to Crypto asset buyer.

Kurepay CEO Abikure Tega expressed his draconian feeling towards the withdrawal of business activities in Nigeria.

His words “This year has been quite horrible for cryptocurrency adoption and expansion in Nigeria as CBN continues to take drastic measures to slow down and frustrate Nigeria’s growing ability to participate in what has been the fastest-growing emerging industry in the world.”

Abikure further explained that when the Central Bank denied crypto companies access to the banking ecosystem, The closure of many cryptocurrency organizations began. The same deadlock also forced other companies to limit operating activities to perfuntory flow using a peep to peer services.

According to the CEO, “the central bank’s February 5 directive had forced Kurepay to switch to an agency network model, which enabled customers to transact directly with each other.”

The CBN’s recent suppression of cryptocurrency transactions, traders and organizations, which began in November 2021 has led to reduces cryptocurrency investment in Nigeria, with Nairametrics previously reporting that Nigeria dropped in terms of crypto adoption in Nigeria. Currently, the Central Bank of Nigeria are targeting entities and individuals that provide P2P platforms or services to customers who buy and sell cryptocurrency.

Abikure Tega revealed that after the government created roadblocks to efficient p2p transactions, Kurepay activities faced staunching consequences.

“The recent show of lowliness from CBN in its recent closure of bank accounts in Nigeria with connection to crypto transactions affecting most of Kurepay agent partners in the name of regulation is unfair and frustrating. Due to this recent clampdown which we find difficult to understand considering that Nigeria is not a lawless country, Kurepay, Africa’s foremost social payment app for cryptocurrency & fiat — is announcing the suspension of business operations in Nigeria.