KuCoin, a prominent cryptocurrency exchange, has announced the suspension of its peer-to-peer (P2P) trading services for Nigerian users and the removal of support for the Nigerian naira (NGN) from its platform. This decision comes amidst mounting regulatory scrutiny on cryptocurrency activities within Nigeria.
In an official statement released on Wednesday, KuCoin revealed the immediate temporary suspension of all P2P NGN services and Fast Buy service via naira cards. The exchange cited the imperative to ensure compliance and bolster security measures as the primary drivers behind this move.
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This development positions KuCoin as the latest platform to adjust its operations in response to regulatory pressure in Nigeria. Prior to this, both Binance and OKX had disabled their P2P functions for Nigerian users. Binance, notably the largest cryptocurrency exchange, exited the Nigerian market earlier this year following website blockages and regulatory hurdles.
Tensions escalated further when reports emerged of the arrest of two Binance officials, Tigran Gambaryan and Nadeem Anjarwalla, by Nigerian authorities during an official visit led by National Security Adviser Nuhu Ribadu.
The crackdown on cryptocurrency platforms and Bureau De Change operators by Nigerian authorities is attributed to concerns regarding the potential impact of these activities on the nation’s currency, the naira.
KuCoin has affirmed its commitment to promptly address the situation and intends to resume P2P NGN services and fast buy service via Naira cards in accordance with regulatory directives.