As a researcher with experience in the cryptocurrency industry, I find the recent announcement by KuCoin to halt its Peer-to-Peer (P2P) services and Fast Buy services using Naira cards for Nigerian traders concerning. The ongoing regulatory conflicts in Nigeria have led to this decision, making KuCoin the third crypto exchange to suspend P2P services in the country.
Due to the Nigerian government’s efforts to strengthen regulations on cryptocurrency trading platforms in response to the naira’s depreciating value, KuCoin, a well-known crypto exchange, has decided to halt its Peer-to-Peer (P2P) services within Nigeria.
On Wednesday, an email update from the company was sent out to users, informing them that due to temporary reasons, the P2P trading function will be unavailable for Nigerian traders. Furthermore, the Fast Buy service, which enabled users to buy digital assets on the platform using Naira debit or credit cards, has been put on hold.
From May 15, 2024 onwards, access to these two services will no longer be available for users based in Nigeria. Nevertheless, existing orders that are still being processed and appeals in progress will not be affected by this termination.
KuCoin Halts Services in Nigeria or Business Enhancement
I’m sharing updates on KuCoin’s recent announcement. The company is suspending its P2P Nigerian Naira (NGN) services and Fast Buy service using Naira cards, effective May 15, 2024, at 08:00 (UTC). This decision comes as part of their continuous efforts to improve their platform.
Based on a report from a local news source, the company announced through a press release that the suspension would allow them to “give priority to ensuring compliance and creating a safer, more robust user experience for everyone in Nigeria.”
Although KuCoin insisted that the halt of P2P and Fast Buy services had nothing to do with external influences, they failed to specify a definite date for their resumption. Users were merely informed that they would be kept informed once these services became available again.
Not the First
“KuCoin’s decision to halt P2P trading makes it the third cryptocurrency platform to do so in Nigeria, as a result of continuing regulatory disputes in the country.”
As a crypto market analyst, I’d rephrase it this way: This year, both Binance and OKX discontinued support for the Nigerian Naira on their platforms. Consequently, they delisted the Peer-to-Peer (P2P) trading feature, which enabled direct buying and selling of cryptocurrencies like Bitcoin (BTC) and Tether (USDT), without intermediaries, using the Naira as the exchange currency.
Regarding Binance, the corporation announced its decision to halt the use of this feature, attributing it to significant currency fluctuations which might signify possible system manipulation. Nevertheless, some observers believed that external pressure from the Nigerian government may have played a role in this decision, as they suspected Binance’s involvement in the naira’s depreciation.
Certain individuals contended that Binance played a role in the significant drop of the naira’s value following the new government’s inauguration in 2023. They suspected that Binance users were influencing the naira’s price via its Peer-to-Peer (P2P) trading platform.
Read More
Sorry. No data so far.
2024-05-15 15:06