Crypto Exchanges Begin Delisting Naira from P2P Platforms, Says SEC

In a recent announcement, the Securities and Exchange Commission (SEC) revealed that cryptocurrency exchanges have started delisting the Naira from Peer-to-Peer (P2P) trading platforms. This move follows directives issued last week by the SEC, in collaboration with the Office of the National Security Adviser (ONSA), aimed at protecting the Naira from market manipulations.

The SEC reported that initial checks confirmed the removal of the Naira as a fiat currency option on the KuCoin platform. KuCoin has already initiated the necessary technological adjustments to facilitate this delisting process promptly.

This strategic measure is designed to curtail the potential for exchange rate manipulations against the Naira, which is anticipated to bolster the currency’s value.

Dr. Emomotimi Agama, Acting Director General of SEC, expressed satisfaction with KuCoin’s compliance, calling it a positive development. “We are happy that they have started complying with the directives by the ONSA. We ask that those involved in sharp practices that undermine national interest should cease and desist. It is in our interest as a people to protect what belongs to us. Anyone that disobeys directives should be ready to face the full weight of the law,” Agama stated.

He further emphasized that as the apex regulator of the capital market, SEC is collaborating with the ONSA, the Economic and Financial Crimes Commission (EFCC), and other relevant agencies to ensure that illegal activities do not thrive.