KuCoin Temporarily Suspends P2P Nigerian Naira Services Amid Compliance Drive

KuCoin cryptocurrency exchange has discontinued its peer-to-peer (P2P) Nigerian Naira (NGN) service and Fast Buy service via Naira card. This suspension, effective from 08:00 UTC on May 15, 2024, highlights the exchange’s commitment to fostering safe and compliant trading options for its users.

This decision marks a significant step forward in KuCoin’s ongoing compliance efforts within Nigeria and is consistent with its broader mission to comply with regulatory frameworks across multiple jurisdictions. Notably, this move follows KuCoin’s recent milestone of becoming the first global exchange to successfully register with India’s Financial Intelligence Unit (FIU) and highlights KuCoin’s unwavering commitment to maintaining regulatory standards around the world.

“The decision to temporarily suspend this service is a proactive step to comply with Nigerian regulations,” said Johnny Lyu, CEO of KuCoin. This is consistent with our global strategy to provide a safe, secure and transparent trading environment for all users. “We remain committed to Nigeria and are working diligently with Nigerian authorities.”

Although the outage may cause temporary inconvenience to Nigerian users, KuCoin assures customers that their assets will remain safe. The Exchange confirms that all other services will continue to operate without interruption during this period.

KuCoin’s compliance priorities highlight the evolving landscape of cryptocurrency regulation, with exchanges increasingly recognizing the importance of complying with local laws to foster trust and legitimacy within the industry. KuCoin aims to strengthen its position as a trusted cryptocurrency trading platform by proactively addressing regulatory requirements, while demonstrating its commitment to responsible and transparent operations.

As KuCoin shifts its focus to ensuring compliance with Nigerian authorities, users can expect further updates regarding the restoration of NGN services in line with regulatory standards. In the meantime, the exchange remains steadfast in its commitment to providing users with the best products and services responsibly in accordance with the evolving regulatory environment.

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