Unraveling the Dispute Surrounding YellowCard and HanyPay
In recent developments, a regulatory issue has arisen between Yellow Card, a cryptocurrency platform, and HanyPay, a digital payments company, in Ghana. Despite some media outlets publishing stories claiming a partnership between the two, Yellow Card has explicitly stated that it has never collaborated with HanyPay and would never do so. HanyPay allegedly falsely claimed a partnership with Yellow Card, which Yellow Card denies.
The timeline of events began in late 2024 when Yellow Card and HanyPay initiated an onboarding and integration process for the use of Yellow Card's Payments API. However, the onboarding and integration process between the two companies was not completed, and HanyPay never completed the sandbox integration process.
On June 11, 2025, Ghana's finance regulator, the Bank of Ghana (BoG), officially warned the public and financial institutions against using YellowPay (YellowCard) and HanyPay due to their unauthorized operations. Following this warning, the BoG announced a mandatory registration for all Virtual Asset Service Providers (VASPs) operating in Ghana, with a registration deadline set for August 15, 2025.
Yellow Card, in a blog post, stated that they had not signed any agreements or conducted any transactions with HanyPay Ghana Ltd. The HanyPay website, on the other hand, provides only basic information with no detail about the company's registration, its fees, or in-depth detail on how the platform works.
Contrary to a press release by HanyPay, there is no mention of the Africa Diaspora Central Bank (ADCB) in the provided search results regarding the regulatory controversy between Yellow Card, HanyPay, and the Bank of Ghana. It appears that the Africa Diaspora Central Bank is not involved in this specific issue.
It is important to note that the Payments API agreement executed by HanyPay with Yellow Card was a standard form agreement for the use of Yellow Card's Payments API, not an agreement for any partnership or collaboration with respect to a new stablecoin or otherwise.
As the situation unfolds, both Yellow Card and HanyPay are urged to provide clear and transparent information to their users and the public to avoid any confusion or misinformation. The regulatory environment for cryptocurrency and digital payments continues to evolve, and it is crucial for companies to comply with the necessary regulations to ensure the safety and security of their users' assets.
- Amidst the ongoing controversy, it's apparent that the financial aspects of the business relationship between Yellow Card and HanyPay, initially involving the use of Yellow Card's Payments API, were not finalized, as HanyPay failed to complete the sandbox integration.
- In the evolving landscape of technology and business, both Yellow Card and HanyPay, operating in the field of cryptocurrency and digital payments, are expected to adhere to the regulations set by the Bank of Ghana, such as the mandatory registration for Virtual Asset Service Providers (VASPs), to ensure the security and transparency of their operations.
