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.
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 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.