By Milcah Tanimu
KuCoin, a prominent global cryptocurrency exchange, has announced a significant step in its ongoing compliance efforts in Nigeria. Starting May 15, 2024, at 08:00 UTC, KuCoin will temporarily suspend all Peer-to-Peer (P2P) Nigerian Naira (NGN) services and the Fast Buy service using Naira cards. This move is part of KuCoin’s commitment to providing secure and compliant trading options.
This decision highlights KuCoin’s dedication to adhering to local regulations and ensuring legal and secure operations. It follows KuCoin’s recent achievement of becoming the first global exchange to register with the Financial Intelligence Unit (FIU) in India, showcasing its commitment to regulatory compliance worldwide.
During this period, KuCoin will focus on aligning its systems with the compliance requirements set by Nigerian authorities, aiming to offer the best products and services responsibly according to jurisdictional standards.
KuCoin CEO Johnny Lyu commented, “Our decision to temporarily suspend these services is a proactive measure to comply with Nigerian regulations, aligning with our global strategy of providing a safe, secure, and transparent trading environment for all our users. We are committed to Nigeria and are working diligently with the Nigerian authorities.”
KuCoin assures all users that their assets remain safe and secure, and all other services will continue to operate normally.
