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Crypto platform Pillow exits Nigeria, shuts global services

Crypto platform Pillow exits Nigeria, shuts global services

Crypto platform, Pillow that allows consumers to invest in Bitcoin, stablecoins, and other cryptocurrencies has disclosed that the company will be exiting Nigeria.

In a message shared to users and customers, the company added that regulatory uncertainty is the reason they’re shutting down operations in Nigeria.

“We regret to inform you that Pillow I shutting down operations in Nigeria,” the statement read.

“Our foray in Nigeria was met with exceptional interest from our partners and users alike, but due to growing regulatory uncertainty, it has become difficult to continue operations while ensuring experience for our Nigerian users,” Pillow added.

However, Nigeria isn’t the only country the crypto platform is exiting from, the Singapore-headquartered company plans to discontinue all its services all over the world in the coming weeks.

It issued a warning to customers on Friday requested that users withdraw all of their monies from the Pillow app on Friday in a Telegram post, noting that all of its present services would end on July 31, 2023.

The action comes after Flint, the main rival of Pillow, shut down its services last month citing “regulatory hurdles” and “negative market sentiment.”

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