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KuCoin bows to FG pressure, deactivates P2P, delists naira on platform


Amid clampdown on cryptocurrency platforms by the Nigerian government, KuCoin, another major cryptocurrency trade platform, has deactivated its peer-to-peer function for Nigerian users and delisted Nigerian naira from its platform.

Peer-to-peer function, popularly known as P2P, allows users, buyers and sellers to trade without third-party interference.

“Starting from 2024-05-15 08:00 (UTC), we will temporarily suspend all P2P Nigerian Naira (NGN) services and Fast Buy service via naira cards,” KuCoin announced in a press statement on Wednesday.

The crypto platform said its “temporary pause” on P2P function for Nigerian users is for it to “focus on ensuring compliance and creating a more robust and secure environment for all our users.”

“The KuCoin team is committed to resolving this matter swiftly and efficiently. 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,” it added.

KuCoin becomes the third crypto platform to disable its P2P function to Nigerian users, following Binance and OKX disablement of their P2P to Nigerian users.

Earlier in February, the biggest cryptocurrency platform disabled its P2P function, exited the Nigerian market, after its website was blocked.

The National Security Adviser Nuhu Ribadu also arrested two Binance officials, Tigran Gambaryan and Nadeem Anjarwalla while on an official visit to Nigeria.

Mr Anjarwalla, Binance’s Africa regional manager, escaped from the country on March 22 while in the custody of the NSA, while Gambaryan remained in custody facing trial.

In recent times, the Nigerian authorities have clampdown on cryptocurrency platforms and Bureau De Change operators nationwide on claims that their activities were hurting the naira.

Credit: Peoples Gazette

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