Kucoin Suspends P2P Naira Services Amid Clampdown

May 15, 2024

By Adedapo Adesanya

Global crypto exchange, Kucoin, has suspended all Naira-based peer-to-peer (P2P) trading in Nigeria weeks after the Securities and Exchange Commission (SEC) moved to delist the trading as part of efforts to save the weakening local currency.

“As part of ongoing efforts to enhance our services, Kucoin will temporarily suspend all P2P Naira services and Fast Buy service via Naira card,” the company said in a notification to users seen by Business Post.

Earlier this month, the acting Director-General of the commission, Mr Emomotimi Agama, announced plans to delist the Naira from the P2P cryptocurrency trading space as part of aggressive attempts to tackle the space it believes is manipulating the local currency.

He said that the recent concerns regarding crypto P2P traders and their perceived impact on the exchange rate of the Naira have underscored the need for collective action and dialogue within the financial market ecosystem.

He then enjoined participants in the crypto space to be patriotic enough to name and shame those involved in disrupting the markets negatively.

“I want to seek your cooperation in dealing with this as we roll out in the coming days the regulations that would take control of these areas. We want to ensure that this management will ensure that people or institutions that require registration with the SEC are quickly licensed.”

“We assure you that we will give guidance when necessary and do well to streamline the processes to make it less difficult.

“We ask that those involved in sharp practices that undermine national interest should cease and desist. It is in our interest as a people to protect what belongs to us. We encourage you to reach out to us by naming and shaming the bad actors,” he added.

This is coming as the largest crypto exchange, Binance continues to face increased scrutiny and legal challenges with the federal government.

The Economic and Financial Crimes Commission (EFCC) also froze at least 1,146 bank accounts belonging to individuals and companies over allegations bordering on unauthorised dealing in foreign exchange (FX) late last month and has threatened to go after P2P traders.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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