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Kuda Bank Targets Crypto Traders, Embarks on Account Closing Spree.

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Kuda Bank has has reitrated its firms resolve to close accounts of any of it’s customers who enages in crypto transactions of any sort, this was contained in a statement issued to the public following social media outcry over the bank’s hard stance on crypto traders.

The bank said that it can’t execute any cryptocurrency transactions as is against it the policy of the Central Bank of Nigeria which regulates and license all financial institutions in Nigeria.

Kuda Bank’s statement was in response to barrage of complaints on social media about many accounts closed by the digital microfinance bank on suspicion of engagement in crypto transactions.

The communique issued by Kuda Bank stated that the bank is tied by the regulatory apex bank policy and can’t jeopardize it’s license;

“we are also a licensed financial institution and our banking license comes with regulations and rules that we must obey. 

If we disobey these regulations and rules, we will not be allowed to continue running a bank for you or anyone else. There will be no bank of the free if we break the law.

So when a Kuda customer uses their account in a way that breaks the law, we must do what the law demands. 

In some cases, this could be as simple as asking the customer to explain what they use their account for. “

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