KuCoin cryptocurrency exchange has suspened its Peer-to-Peer (P2P) Nigerian Naira (NGN) services and Fast Buy service via Naira cards. This suspension, effective from May 15, 2024, at 08:00 UTC, underscores the exchange’s commitment to fostering secure and compliant trading options for its users.
The decision represents a significant stride in KuCoin’s ongoing compliance efforts within Nigeria, aligning with its broader mission to adhere to regulatory frameworks across various jurisdictions. Notably, this action follows KuCoin’s recent milestone of becoming the first global exchange to register successfully with India’s Financial Intelligence Unit (FIU), highlighting its unwavering dedication to upholding regulatory standards worldwide.
Johnny Lyu, the CEO of KuCoin, emphasized the proactive nature of the decision, stating, “Our decision to temporarily suspend these services is a proactive step towards being compliant to Nigerian regulations. Which aligns with our global strategy of providing a safe, secured and transparent trading environment for all of our users. We are committed to Nigeria and working diligently with the Nigerian authorities.”
While the suspension may pose a temporary inconvenience to Nigerian users, KuCoin reassures its clientele that their assets remain safe and secure. The exchange affirms that all other services will continue to operate without disruption during this period.
KuCoin’s prioritization of compliance underscores the evolving landscape of cryptocurrency regulation, with exchanges increasingly recognizing the importance of adhering to local laws to foster trust and legitimacy within the industry. By proactively addressing regulatory requirements, KuCoin aims to fortify its position as a reliable platform for cryptocurrency trading while demonstrating its commitment to responsible and transparent operations.
As KuCoin shifts its focus towards ensuring compliance with Nigerian authorities, users can anticipate further updates regarding the restoration of NGN services in alignment with regulatory standards. In the interim, the exchange remains steadfast in its commitment to delivering the best products and services to its users responsibly, in accordance with the evolving regulatory landscape.