Following the Bank of Uganda directive that was passed two weeks ago prohibiting financial institutions from engaging in crypto transactions, Flutterwave has halted crypto transactions in Uganda. People that were using the exchange platform have received emails notifying them about the enterprise’s move to discontinue crypto engagements.
The Flutterwave customer support team has commented;
“Any transaction that includes crypto transactions has been stopped. Customers that had funds on the platform will receive their funds back.”
The suspension is only intended for the crypto clients, other normal transactions will not be compromised.
Some of the crypto enthusiasts have emphasized that the recent crypto regulation is a wake-up call for exchange platforms to find more practical ways of educating nations about crypto.
“Along the way, we have to face such challenges to become better. Crypto exchange platforms can now educate governments about crypto and its advantages so that they get to understand the benefits.” Brindon Bamwiine, Crypto enthusiast.
The Nigerian and South African payments enterprise penetrated the Ugandan market in 2018, to enable businesses and individuals to receive and send payments and more so make payments easier in the African continent.