KuCoin suspends P2P services for Naira after regulatory pressure from FG

KuCoin Africa, a cryptocurrency exchange platform, has suspended its peer-to-peer (P2P) trading option for Nigerian naira (NGN) in response to regulatory pressure from the Nigerian government.

In a press statement released Wednesday on its official website, KuCoin announced a temporary pause on P2P for Nigerian naira services and its users, assuring them of a future resumption.

We are sorry to inform our Nigerian users about the temporary pause on our p2p services, the press statement reads.

However, in the announcement, KuCoin said it would resume the P2P services and introduce a new ‘fast buy’ service via naira cards, offering a convenient and compliant alternative.

During this temporary pause, we will focus on ensuring compliance and creating a more robust and secure environment for all our users.

KuCoin expressed the impacts such a decision would have on its Nigerian users while urging its customers to be understanding and cooperative as they navigate the regulatory shift together.

Meanwhile, the suspension took effect at 09:00 WAT on Wednesday, May 15, 2024.

KuCoin has since notified its Nigerian users that ongoing orders will be completed and all other services except P2P will remain available, assuring the safety of its customers’ assets.

While this decision has sparked debates and disappointment, the Nigerian government, on the other hand, with its regulatory pressure to mandate compliance, has shown its desire for a continuous crackdown on the blockchain industry and Bureau de Change operators in the country.

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Mayowa Durosinmi

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M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

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