KuCoin Stops Naira-Based P2P Trading for Compliance

In light of the heightened scrutiny from Nigeria’s regulatory authorities, KuCoin has decided to halt all P2P transactions denominated in naira.

This follows a meeting with industry leaders three weeks ago, at which the SEC formally requested that they end their participation in P2P trading.

The P2P naira services and the Fast Buy service via Naira card were temporarily suspended, as KuCoin informed its customers in a blog post on Wednesday. The company said that this is part of their continuous efforts to improve their services.

In light of Binance’s recent federal accusations, the exchange has decided to suspend P2P trading as a precaution against further trouble with the Nigerian government.

The security adviser’s office in Nigeria and the rest of the government have stepped up their investigations into peer-to-peer crypto trading.

Financial technology companies and banks have received orders to disclose any trade accounts and shut them immediately.

There has been action by the Economic and Financial Crimes Commission (EFCC), which has blocked hundreds of accounts related to cryptocurrency trading.

In a meeting on May 7, SEC Director-General Emomotimi Agama reportedly accused crypto P2P merchants of being responsible for the naira’s depreciation (TechCabal).

He voiced his worries about how peer-to-peer cryptocurrency trading will affect the value of the naira. But the naira still has problems even with these strict regulations. The naira’s value on Monday dropped 3.4% from Friday’s trading, when it was N1,470 per dollar, on the Foreign Exchange (FOREX) parallel market.

Binance CEO Richard Teng recently took to his blog to accuse a Nigerian government official of putting pressure on cryptocurrency officials to accept a clandestine deal to resolve Nigeria’s allegations against the exchange.

Rather than a “settlement,” “someone in the Nigerian government” bribed the parties involved to the tune of $150 million.

“Since our ruling was anticipated by the morning, counsel stated that he had been presented with a demand for a substantial payment in cryptocurrencies to be made secretly within 48 hours to resolve these concerns,” Teng wrote.

In light of recent regulatory scrutiny, Binance has decided to end all services associated with the Nigerian naira (NGN), the country’s domestic fiat currency.

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