KuCoin Halts Naira-Based Peer-to-Peer Trading, Citing Compliance
KuCoin has made the decision to suspend all naira-based peer-to-peer (P2P) trading in response to increased scrutiny from Nigeria’s regulatory authorities.
The move comes three weeks after the country’s Securities and Exchange Commission (SEC) met with industry players and urged them to cease P2P trading activities.
In a Wednesday blog post, KuCoin notified its users of the temporary suspension of P2P naira services and Fast Buy service via Naira card, stating that it is part of their ongoing efforts to enhance their services.
The exchange’s decision to halt P2P trading is likely an attempt to avoid running afoul of the Nigerian government, following the recent federal charges faced by another major exchange, Binance.
The Nigerian government, particularly the office of the Security Adviser, has intensified its scrutiny of P2P cryptocurrency trading.
Fintechs and banks have been instructed to close bank accounts associated with trading and report such accounts to the authorities.
The Economic and Financial Crimes Commission (EFCC) has also taken action by blocking thousands of accounts involved in crypto trading.
KuCoin Temporary Pause on P2P Nigerian Naira (NGN) Services
We regret to inform our Nigeria Users On the temporary pause of our P2P services
We are eagerly looking forward to resuming the P2P Nigerian Naira (NGN) services and fast buy service via Naira cards in a fully… pic.twitter.com/v4YPSr8LIW
— KuCoin Africa (@KuCoinAfrica) May 15, 2024
Emomotimi Agama, the Director-General of the SEC, blamed crypto P2P traders for the depreciation of the naira during a meeting on May 7, according to a report from TechCabal.
He expressed concerns about the impact of P2P crypto trading on the exchange rate of the naira.
However, despite
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