Update 2.0 on CBN’s Crypto Love Letter ?

Hello Quidaxians,

The last 2 days have been tough but we were born into toughness ? and scaling through is what we have always done.

But first, you have been amazing and we want to say a big Thank You ? for your support during this time. Your support has kept us fired up ? and now more than ever, we are focused on our mission of making it easy to buy/sell Bitcoin and other cryptocurrencies in Africa.

Thanks to our team, we are already implementing the contingency plan we set up for a time like this and will share more information over the next couple of days.

In the meantime here are a couple of answers to questions you’ve asked:

Can I deposit Naira?

All Naira deposits are on hold based on the Central Bank of Nigeria’s (CBN) letter to banks. Our payment partners were affected by it and had no option but to comply.
This also affects deposits through Quidax Bank Account Number (QBAN). Please do not deposit to your QBAN.

Can I withdraw Naira?

Naira withdrawals to your bank accounts have also been placed on hold. But don’t worry we are working on alternatives to get withdrawals back up and will share an update on this.

Why are crypto prices on Quidax low?

Quidax does not control the price of any crypto-asset, buyers and sellers determine the prices.

As a result of CBN’s letter, the number of buyers and sellers on Quidax has reduced which is what has affected the prices.
Here’s more info on why crypto prices are usually different across platforms.

Why are my instant orders not getting filled?

Due to reduced trading activity, some instant buy/sell orders are not getting filled. We are working on a solution to resolve this.

Are my funds safe?

Yes, all your funds are safe and secure.
Also, crypto deposits, withdrawals and trading are still ongoing.

We know you are hurting ? but please hang tight and stay strong. We are working on setting up alternatives. We have also opened up a conversation with regulators and are hopeful that this will bear fruit?.

Again, thank you? so much for your support and if you have any questions, you can contact us via email or through our customer support channel.

To everyone on the Quidax team working harder than ever to bring us back to normal and execute our contingency plan, we appreciate you.

To our colleagues in the crypto space, we stand with you and look forward to forming stronger ties as we find ways to overcome together ✊.

P.S: Crypto is money and cannot be stopped ?.

This is just a small detour along the way but there’s no stopping what’s coming.

Keep an eye ?️?️ out for our next update.


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