THELOGICALINDIAN - The Nigerian startup abaft the amusing acquittal app for cryptocurrency and authorization Kurepay says the Central Bank of Nigeria CBNs accepted crackdown on crypto entities has affected it to append operations in Nigeria
‘Horrible’ Year for Crypto Adoption
According to a report by the Cryptoassetbuyer, this abeyance of operations is set to arise at the alpha of the aboriginal division of 2022. At that time, Kurepay, whose app harnesses blockchain technology, will activate to bind its business to over-the-counter (OTC) and crypto consulting services.
Commenting on the startup’s plan to abdicate the West African country, Kurepay CEO Abikure Tega is quoted black what he calls a abhorrent year for cryptocurrency acceptance and amplification in Nigeria. He said:
Tega added that back the CBN denied crypto companies admission to the cyberbanking ecosystem, this resulted in the cease of abounding cryptocurrency businesses. The aforementioned barricade additionally affected added companies to abate their operations to ashen breeze application a P2P system. According to the CEO, the axial bank’s February 5 charge had affected Kurepay to about-face to an bureau arrangement archetypal which enabled barter to transact anon with anniversary other.
Current CBN Crackdown the Final Straw
However, back the alpha of November 2021, the CBN has upped the ante adjoin cryptocurrency traders and is now targeting entities and individuals that accommodate P2P platforms or casework to barter who buy and advertise crypto. As ahead reported by Bitcoin.com News, the CBN’s renewed crackdown has apparent some banks arbitrarily benumb coffer accounts of individuals doubtable of trading cryptocurrency.
For Kurepay, such targeting of platforms that accredit P2P affairs accepted to be the final harbinger as Tega explained:
In accession to akin its business to OTC and crypto consulting services, Tega said Kurepay is acute “to accomplish a US-based aggregation in adjustment to innovate in a added business-friendly environment.” The CEO argues that such a move enables Kurepay to accomplish accurately and after annoying about CBN directives.
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