Global cryptocurrency exchange platform Kucoin has suspended all Naira based peer-to-peer (P2P) in Nigeria. This is coming three weeks after the Nigeria Securities and Exchange Commission (SEC) met with all blockchain industry stakeholders and asked that they delist NGN/USDT from P2P, in an effort to save the Naira from losing further value.
Earlier today, the company notified their users of the plans to temporarily suspend the feature. In their words; “We are writing to inform you that as part of our ongoing efforts to enhance our services, KuCoin will temporarily suspend all P2P Nigerian Naira (NGN) services and Fast Buy service via Naira”.
On May 7th, the acting Director General (DG) of SEC, Mr Emomotimi Agama, announced plans to delist Nigerian Naira (NGN) from all cryptocurrency listing platforms and blamed the devaluation of Naira on cryptocurrency 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” Mr Emomotimi.
He emphasized that the recent worries about cryptocurrency P2P traders and how they might affect the Naira exchange rate highlights the importance of collaboration and collective efforts within the financial market.
He urged individuals involved in the cryptocurrency industry to demonstrate patriotism by publicly identifying and condemning those responsible for causing negative disruption in the market.
“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 said.
Currently, the P2P feature on cryptocurrency platforms such as Binance, OKX and now Kucoin, is no longer available for Nigerians.
