KuCoin has suspended its peer-to-peer (P2P) services as well as the feature of fast buying using the Nigerian Naira currency.
The exchange shared the move they had decided to take on X.
“We regret to inform our Nigeria Users On the temporary pause of our P2P services, we are eagerly looking forward to resuming the P2P Nigerian Naira (NGN) services and fast buy service via Naira cards in a fully compliant manner.,” KuCoin stated.
This step comes after Nigerian authorities have been closely tracking any crypto activity within the nation. KuCoin follows Binance and OKX, which had earlier in the year stopped Naira support on their platforms. The suspension has left KuCoin customers terrified about when their services will restart, and the platform has not provided any timeframe for the same.
The Nigerian government has been trying to tighten control on crypto trading outlets for the past months. They are mostly stressing about the effect of cryptocurrencies on the Naira’s value. Authorities made banks and fintech companies terminate the opening of new accounts for cryptocurrency transactions and report existing ones.
Nigeria ranked second in the world for crypto adoption last year, and many Nigerians are using crypto to cover the devaluation of the Naira.
Experts fear that this clampdown might push Nigerians to involve themselves in riskier P2P transactions and, in the end, spoil the image of the country. They suggest balanced regulation that supports consumers and is conducive to crypto innovation.
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