Nigeria’s SEC recently met with blockchain industry players, urging them to halt peer-to-peer trading.
Now, Kucoin, a global crypto exchange, has followed suit by suspending all naira-based peer-to-peer trading. This move comes amidst increased government scrutiny on crypto trading.
Kucoin announced the temporary suspension of all p2p Naira services and Fast Buy service via Naira card as part of its efforts to enhance services.
While Binance, another global crypto exchange, is facing federal charges, Kucoin has managed to stay relatively under the radar. By halting p2p trading, it hopes to maintain its low profile.
The Nigerian government has been cracking down on p2p crypto trading, instructing fintechs and banks to close accounts linked to trading and report them to authorities. The Economic and Financial Crimes Commission (EFCC) has also blocked numerous accounts associated with crypto trading.
Emomotimi Agama, the SEC DG, pointed fingers at crypto P2P traders for contributing to the depreciation of the naira. Despite the naira briefly becoming the best-performing currency in April, it has since lost all its gains, with the USD exchanging for ₦1520 on May 14.
Reports indicate that the EFCC has resumed arresting street traders, enforcing the ban on crypto trading implemented in February.
However, despite these measures, the naira continues to struggle, and it’s uncertain if authorities will proceed with plans to ban p2p trading and what form such a ban might take.
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