KuCoin Suspends P2P Trading in Nigeria, Following FG Directive

Global crypto exchange KuCoin has suspended Peer-to-Peer (P2P) trading in Nigeria following a directive from the federal government.

This decision comes three weeks after the Securities and Exchange Commission (SEC) ordered cryptocurrency platforms operating in the country to delist the Naira from P2P trading in an effort to stabilize the currency’s value.

Dr. Emomotimi Agama, the Acting Director General of the SEC, emphasized the need to clean up the virtual assets space by curbing illegal trading activities and safeguarding the integrity of Nigeria’s capital market. He reiterated the Commission’s commitment to rigorously enforcing the Investments and Securities Act of 2007, ensuring that all market participants comply with the established legal frameworks, despite the rapid technological advancements in digital assets.

In response, KuCoin announced via a blog post its plan to temporarily suspend its P2P Naira services and the Fast Buy service via Naira card. This suspension is in compliance with the recent SEC directive and aims to align with regulatory requirements.

Part of the blogpost reads,

“Starting from 2024-05-15, we will temporarily suspend all P2P Nigerian Naira (NGN) services and Fast Buy service via Naira cards. Ongoing orders will be completed normally, and all other services will remain available. Rest assured that your assets are safe at KuCoin. While we understand that this may require some adjustments to your trading preferences, we want to assure you that this decision is a step towards an even better trading experience for you. At KuCoin, we are dedicated to providing you with the best possible service, and your trust in our platform means the world to us. 

“We truly appreciate your continued support on this remarkable journey. As we work tirelessly to enhance your trading experience, we are confident that we will overcome any challenges that come our way. 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 crypto exchange further noted that it remains committed to resolving this matter swiftly and efficiently, adding that they are eagerly looking forward to resuming the P2P services and fast buy service via Naira cards in a fully compliant manner.