- The cryptocurrency exchange KuCoin has said it is temporarily suspending all peer-to-peer (P2P) Nigerian naira (NGN) services and Fast Buy services using naira cards on its platform.
- KuCoin stated the update comes in view of its commitment to accelerating the compliance process at the exchange.
- This announcement comes just days after the Director General of Nigeria's Securities and Exchange Commission (SEC), Emomotimi Agama, reportedly told major blockchain and cryptocurrency associations in Nigeria that the naira needs to be removed from P2P trading to avoid manipulation.
Peer-to-peer (P2P) trading involves users trading cryptocurrency directly with one another in exchange for another crypto or their local fiat currency by either matching with a seller or buyer.
Following KuCoin's latest update, the exchange mentioned that despite the action starting from April 15, 2024, ongoing orders will be completed, and all other services will remain functional. KuCoin also assured users their funds are safe and mentioned the move aligns with providing a better trading experience.
On the outlook, KuCoin said, “During this temporary pause, we will focus on ensuring compliance and creating a more robust and secure environment for all our users. We are fully aware of the impacts caused, and we want to express our gratitude for your understanding and cooperation as we navigate through this change together.”
The exchange emphasised that it is committed to a swift and efficient resolution of the matter, adding that they eagerly look forward to resuming the P2P Nigerian naira (NGN) services and Fast Buy services via naira cards in a fully compliant manner.
KuCoin is not the only cryptocurrency exchange that has removed naira services from its P2P trading platform. Binance has also stopped naira trade on its P2P platform and halted accepting naira deposits and withdrawals, discontinuing all Nigerian naira services on its platform.
The Nigerian government is cracking down on crypto platforms, alleging they are responsible for its currency woes against the USD. In February 2024, authorities moved to shut down crypto websites in the country, engaging telcos to disallow Nigerians from accessing crypto websites.
Consequently, Binance and two of its executives are currently facing court actions from authorities in Nigeria over charges including tax evasion and money laundering.
