In a June 11 public warning, digital asset company Yellow Card vehemently denied any connection to a USD stablecoin business that the Bank of Ghana had identified. Concern and confusion were aroused by the central bank’s alert, which labelled a platform Yellow Pay, particularly since the term seemed to be connected to Yellow Card’s activities in the nation. In its prompt reaction, Yellow Card made it clear that it is not associated with either Yellow Pay or HanyPay, the third-party business that is purportedly responsible for the unauthorised claims. The company referred to the association as “wholly untrue” and stated that it has never collaborated with HanyPay.
‘We warned them first’ — company disputes claim
Yellow Card claims that late in 2024, HanyPay made an effort to start a business partnership, but the deal was never completed. The company vehemently disputes the press announcement that HanyPay released in February of this year, which claimed that it had integrated a stablecoin product with Yellow Card. “This information was not only unauthorised, but it was also inaccurate,” said Yellow Card. The company went on to say that it had already informed the Bank of Ghana about the situation earlier this month and expressed surprise at the central bank’s decision to make the warning public. “The Bank of Ghana’s decision to publish this notice is very regrettable,” stated Craig Stoehr, General Counsel of Yellow Card. “The situation was already clarified prior to the announcement being made.”
Firm reaffirms full legal compliance
Yellow Card Ghana Limited maintains that it is a genuine and fully regulated participant in Ghana’s fintech industry. It was incorporated in 2020 and has registrations with the Data Protection Commission and the Financial Intelligence Centre. “We work transparently within the regulatory framework and take compliance seriously,” the business stated in a statement. It reaffirmed that it has no operational ties to any organisation that promotes stablecoins without the required authorisation. Additionally, Yellow Card reiterated its support for Ghana’s stricter laws governing digital assets. The business endorsed the full regulations anticipated by September of this year and praised the central bank’s proposed guidelines on virtual assets, which were published in August 2024.
Warning highlights regulatory growing pains
The incident has raised more general concerns regarding the evaluation of digital platforms and the creation of public alerts. According to several industry watchers, the ambiguity emphasises how urgently stakeholders and regulators need to communicate and provide more accurate definitions. Yellow Card has continued to operate in Ghana and maintains its commitment to providing safe, legally compliant digital financial services, even while it works with the Bank of Ghana to address the problem. The business came to the conclusion that “we are here to stay and to grow the ecosystem responsibly.”
