Nigerian payments app KurePay plans to suspend operations in the country after the government began cracking down on crypto exchanges, according to a report by local crypto publication Cryptoassetbuyer.
- The report said that KurePay is leaving Nigeria “largely due to the increasing hostile regulatory environment” for cryptocurrency service providers.
- KurePay’s decision to suspend operations was reportedly further fueled by two separate CBN orders from November that directed banks to close accounts associated with specific users tied to crypto activity.
- According to the report, KurePay will officially stop providing services to Nigerian users in the first quarter of 2022.
- In February, Nigeria’s central bank (CBN) ordered the country’s banks to close accounts associated with crypto activity. The CBN later clarified that the order was not new, citing a circular from 2017.
- It is unclear whether accounts tied to KurePay users were also affected by the recent orders.
- According to the report, KurePay plans to restrict its business to over-the-counter (OTC) and consulting services for Nigerians, while new users are not encouraged to use the platform for now.
- KurePay CEO Abikure Wisdom Tega reportedly said that the CBN’s crackdown on crypto is a “disservice to Nigeria” adding that KurePay has plans to launch a U.S.-based platform “in order to innovate in a more business-friendly environment.”