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There are Strict Regulatory Limits on Personal Accounts for Active Crypto-Traders — Kuda Bank

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Kuda has reportedly blocked active naira bank accounts over unclear regulatory terms.

A crypto guy identified as Nex Crypto on Twitter narrated how his account and that of his colleagues were blocked by Kuda for different reasons.

“Kuda blocked my account, along with a couple of others (over 20 people) I know of since the 27th of last month”

In a reply to the tweet, kuda said that the mobile-only bank has previously made clear clarifications to active crypto-traders concerning the strict regulatory limits for personal accounts.

Read Also: Kuda Bank Debunks Claims of Shut Down! 

“Hi, Nex Crypto.

We understand your frustration and we would like to help but as we previously clarified to active cryptocurrency traders, there are strict regulatory limits for personal accounts.

Please, provide business documentation to keep using your account for business.”

Next Crypto later explained that his issues have been resolved and his account with Kuda bank was restored. One of the users claimed to have moved to Opay that charges 10 naira per transfer against 23 free transfers offered on Kuda Bank every month. 

How was it resolved? 

Kuda, in a reply to the account block issue, explained that its platform uses strict regulatory processes to safeguard users from Ponzi schemes and scams. It claimed to have undergone thorough investigations before unblocking the accounts.

Kuda has been a tough time for Kuda Bank following the previous rumors the company suffered in the previous days. Kuda Bank remains the best mobile-only online bank for Nigerians amongst others.

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