The Central Bank of Kenya confirmed the statement of the ARA crypto project that startups Flutterwave and Chipper Cash are not registered in the country.
The order of the Central Bank of Kenya (CBK) states that local banks are prohibited from dealing with these two Nigerian companies:
“Immediately cease and desist from activities with Flutterwave and Chipper Cash. After that, within seven days from the date of receipt of the letter, CBK must confirm its compliance with the directive.
Earlier, the High Court of Kenya during the investigation into the activities of the financial company Flutterwave decided to freeze its bank accounts. Subsequently, the court decision allowed the Kenyan agency responsible for the recovery of assets of the ARA crypto project to block Flutterwave’s access to more than 50 bank accounts, which contain almost $60 million.
Previously, the ARA blockchain team accused financial services provider Flutterwave of laundering money through cryptocurrencies. However, the company denied the allegations and said it “has records of their legitimate direction and full adherence to regulatory standards.”
Flutterwave claims that its “activities are regularly audited for money laundering by one of the Big Four auditors.”
Recall that recently the Philippine Public Policy Center called on regulators to investigate the work of the largest crypto exchange in the world, Binance, after the local Department of Commerce (DTI) rejected a request to ban its activities.
Source: Bits
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