KuCoin, a cryptocurrency exchange platform, has temporarily paused its Peer-to-Peer naira services and Fast Buy service via naira cards to proritise compliance.

In a statement on Wednesday, KuCoin said, “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.”

The crypto platform said its “temporary pause” on P2P function for Nigerian users is for it to “focus on ensuring compliance and creating a more robust and secure environment for all our users.”

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“The KuCoin team is committed to resolving this matter swiftly and efficiently. We are eagerly looking forward to resuming the P2P Nigerian Naira (NGN) services and fast buy service via Naira cards in a fully compliant manner,” it added.

KuCoin becomes the third crypto platform to disable its P2P function to Nigerian users, following Binance and OKX disablement of their P2P to Nigerian users.

Earlier in February, the biggest cryptocurrency platform disabled its P2P function, and exited the Nigerian market, after its website was blocked.

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Chinwe Michael is a financial inclusion advocate and economy journalist who uses compelling storytelling to drive awareness. With a background in Banking and Finance and experience across accounting, media, and education, she applies sharp analysis and attention to detail to every piece. She simplifies complex financial and economy concepts into engaging content for Africa and global audience. Chinwe also doubles as a speaker with global recognition for her expertise.

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