The Nigerian Securities Regulator has announced that cryptocurrency exchanges have complied with a directive to remove the local currency from peer-to-peer platforms. The acting director-general of the Nigerian Securities and Exchange Commission urged platforms engaging in activities that undermine the national interest to halt such practices.
Kucoin’s Delisting of Naira Receives Praise
The Nigerian Securities and Exchange Commission (SEC) has announced that global cryptocurrency exchanges have complied with its directive to delist the naira from their peer-to-peer (P2P) platforms. The SEC pointed to Kucoin’s recent announcement of its naira delisting and related services as evidence of compliance.
As reported by Bitcoin.com News, the Seychelles-based crypto exchange stated that the temporary suspension of P2P naira services is to ensure Kucoin’s adherence to local regulations. The SEC’s confirmation of compliance comes less than two weeks after it initially announced plans to delist the naira from P2P platforms.
Local Currency Manipulation Allegations
Nigerian officials contend that removing the naira from P2P crypto platforms hinders currency speculators from manipulating the local currency’s exchange rate. Emomotimi Agama, the acting director-general of the securities regulator, commented on reports that global crypto exchanges have complied with directives from the SEC and the Office of the National Security Adviser.
“We are pleased that they have begun complying with the directives from the ONSA. We urge those engaged in practices that undermine the national interest to cease immediately. It is in our collective interest to protect our national assets. Anyone who disobeys these directives will face the full force of the law,” Agama reportedly said.
He added that the SEC is collaborating with entities like the Economic and Financial Crimes Commission to prevent the proliferation of peer-to-peer crypto trading.
