In response to the Nigerian government’s crackdown on cryptocurrency platforms, KuCoin, a major cryptocurrency exchange, has taken significant action.
The platform has deactivated its peer-to-peer (P2P) function for Nigerian users and delisted the Nigerian naira from its services.
The P2P function, which enables direct trading between buyers and sellers without third-party intervention, has been temporarily suspended for Nigerian naira transactions as of May 15, 2024, at 08:00 (UTC). Additionally, KuCoin has halted its Fast Buy service via naira cards.
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In a press statement, KuCoin assured users that the team is dedicated to swiftly and efficiently addressing this situation.
This move underscores the challenges faced by cryptocurrency exchanges in navigating regulatory pressures in Nigeria and highlights the ongoing uncertainty surrounding cryptocurrency operations in the country.
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