KuCoin suspends Naira-Based P2P Trading and Fast Buy service via Naira cards. 

Cryptocurrency exchange, Kucoin, announced that it has temporarily suspended all Peer-To-Peer (P2P) Nigerian Naira services and Fast Buy service via Naira cards. The exchange stated that the suspension is effective from 2024-05-15 08:00 (UTC)/ 09.00 WAT.

This is coming three weeks after Nigeria’s Securities and Exchange Commission (SEC) met blockchain industry players and urged them to stop P2P trading.

“During this temporary pause, we will be focusing 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’s choice to cease P2P trading is probably aimed at sidestepping any conflict with the Nigerian government, particularly in light of the recent legal action taken against another prominent exchange, Binance.

Having accused crypto companies of contributing to the falling Naira exchange rate to the Dollar, the Nigerian government has intensified its scrutiny of P2P cryptocurrency trading.

Fintech companies and banks have received directives to close bank accounts linked to trading activities and to report such accounts to the appropriate authorities. Additionally, the Economic and Financial Crimes Commission (EFCC) has initiated measures to block thousands of accounts engaged in cryptocurrency trading.

The company assured customers that their assets were safe and ongoing orders will be completed normally. It also said that all other services will still be available.