KuCoin To Delist Naira From P2P Platforms – FG

KuCoin To Delist Naira From P2P Platforms – FG

In response to the recent crackdown on cryptocurrency platforms by the Nigerian government, KuCoin, a significant player in the cryptocurrency trading industry, has taken the decision to deactivate its peer-to-peer (P2P) function for users in Nigeria.

Additionally, the platform has also chosen to delist the Nigerian Naira from its offerings.

The peer-to-peer function, commonly referred to as P2P, is a feature that enables users, both buyers, and sellers, to engage in trading activities without the need for involvement from an intermediary or third-party.

By deactivating this function and delisting the Nigerian Naira, KuCoin is making strategic adjustments to align with evolving regulatory requirements and to navigate the complex landscape of cryptocurrency trading in Nigeria.

“Starting from 2024-05-15 08:00 (UTC), we will temporarily suspend all P2P Nigerian Naira (NGN) services and Fast Buy service via naira cards,” KuCoin announced in a press statement.

It stated further that the KuCoin team is committed to resolving this matter swiftly and efficiently.