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Kucoin Suspends Peer-to-Peer Naira Trading

FILE PHOTO: Representations of cryptocurrency is seen in front of a Kucoin logo in this illustration taken on February 9, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

Amid fears of the Nigeria’s Security and Exchange Commission’s (SEC) plans to ban peer-to-peer services, global crypto exchange platform, Kucoin has suspended all naira peer-to-peer trading.

Peer-to-peer function, also known as P2P, allows users, buyers and sellers to transact directly with each other without third-party interference.

“Starting from 2024-05-15 08:00 (UTC), we will temporarily suspend all P2P Nigerian Naira (NGN) services and Fast Buy service via naira cards,” KuCoin announced in on Wednesday.

“The Kucoin team is committed to resolving this matter swiftly and efficiently. We are eagerly looking forward to resuming the P2P Nigerian Naira (NGN) services and fast buy service via Naira cards in a fully compliant manner,” it added.

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KuCoin is now the third crypto platform to disable its P2P function, following Binance and OKX since the Nigerian authorities cracked down on crypto currency platforms and Bureau de Change operators nationwide, claiming that their activities were destabilizing the naira.

Recall that on May 7, Emomotimi Agama, the SEC DG blamed the drop in naira on crypto currency traders. “What is very critical and which has brought about this meeting is the concerns regarding crypto P2P traders and their effect on the exchange rate,” he said.

In the coming weeks, the office of Nigeria’s Security Adviser increased their scrutiny of P2P crypto trading, mandating fintechs and banks to close accounts to the authorities. The Economic and Financial Crimes Commission (EFCC) has blocked thousands of accounts for trading crypto.

Despite these drastic measures, the naira shows no signs of stabilizing. It remains uncertain whether authorities will implement a ban on P2P trading and what specific form such a ban might take.

Techrectory with Agency Report.

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