Central Bank’s Targeting of P2P Crypto Transactions Forces Startup to Quit Nigeria

Central Bank’s Targeting of P2P Crypto Transactions Forces Startup to Quit Nigeria


The Nigerian startup behind the social payment app for cryptocurrency and fiat, Kurepay, says the Central Bank of Nigeria (CBN)’s current crackdown on crypto entities has forced it to suspend operations in Nigeria.

‘Horrible’ Year for Crypto Adoption

According to a report by the Cryptoassetbuyer, this suspension of operations is set to commence at the start of the first quarter of 2022. At that time, Kurepay, whose app harnesses blockchain technology, will begin to restrict its business to over-the-counter (OTC) and crypto consulting services.

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Commenting on the startup’s plan to quit the West African country, Kurepay CEO Abikure Tega is quoted lamenting what he calls a horrible year for cryptocurrency adoption and expansion in Nigeria. He said:

This year has been quite horrible for cryptocurrency

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