KuCoin, a major cryptocurrency exchange, has deactivated its peer-to-peer (P2P) function for Nigerian users and removed Nigerian naira (NGN) from its platform in response to the Nigerian government’s crackdown on cryptocurrency platforms and Bureau De Change operators. This move follows similar actions by Binance and OKX.

In a press statement, KuCoin stated, “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.” This decision aims to ensure compliance and enhance security for users.

The National Security Adviser Nuhu Ribadu’s actions further highlight the government’s stance, as two Binance officials, Tigran Gambaryan and Nadeem Anjarwalla, faced arrest during an official visit. Anjarwalla managed to escape custody, while Gambaryan remains in trial.

The Nigerian government’s measures are part of broader efforts to stabilize the naira amid concerns about cryptocurrency’s impact on the local economy.

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