ABUJA (Sundiata Post) – Less than two months after global cryptocurrency exchange platform, Binance, shut down its operations in Nigeria, another cryptocurrency exchange platform, Kucoin, on Wednesday, announced suspension of Nigeria operations.
Kucoin in an email it sent to its Nigerian customers, said it was temporarily suspending P2P (Person to Person) Naira (NGN) services and Fast Buy service via Naira cards, effective from 08:00 (UTC) on May 15, 2024.
It said the suspension is part of KuCoin’s efforts to enhance its offerings, saying that although it may require adjustments to users’ trading activities.
“Despite the temporary halt, ongoing orders will remain unaffected, and the customer service team will be available to assist with any orders under appeal.
“It’s important to note that trading in other currencies on KuCoin’s P2P platform will continue without interruption, reassuring users of continued access to other trading options,” it said
Expressing gratitude for users’ understanding and patience during this transition, KuCoin emphasised its commitment to providing the best service. The platform assured users that it is diligently working to enhance its services and ensure a secure resumption of the temporarily suspended services.
Once the services are reinstated, KuCoin pledged to promptly notify its users. The exchange platform thanked its users for their cooperation as they navigate through this transition together.
In recent months, several cryptocurrency platforms, including Binance, have made the decision to delist Nigerian Naira (NGN) peer-to-peer (P2P) trading services. This move comes amidst regulatory uncertainties and challenges in the Nigerian cryptocurrency market.
The decision to delist NGN P2P trading services is aimed at ensuring compliance with regulatory requirements and safeguarding the interests of users and the platform itself.
While these platforms continue to offer various other trading options, the temporary suspension of NGN P2P trading has sparked discussions within the cryptocurrency community.
Users are advised to stay updated on any developments and adjustments made by these platforms, as they navigate through the evolving regulatory landscape and seek to enhance their services in line with industry standards.
