June 25, 2024

Crypto Exchanges Begin Delisting Naira from P2P Platforms, Says SEC

 

The Securities and Exchange Commission (SEC) has announced that crypto exchanges have commenced the delisting of the Naira from Peer-to-Peer (P2P) trading platforms. This move is in compliance with the directive issued by the SEC in collaboration with the Office of the National Security Adviser (ONSA) to protect the currency from manipulations.

 

According to the SEC, KuCoin, a popular crypto exchange, has already removed the Naira as a fiat currency option for transactions on its platform. The exchange is also making necessary adjustments to its technology to accommodate the delisting of the Naira. The SEC has expressed delight at the swift compliance, describing it as a welcome development.

 

The delisting of the Naira from P2P platforms is expected to limit the ability to manipulate exchange rates against the Nigerian currency, thereby strengthening its value. The SEC is working with relevant agencies, including the ONSA and the Economic and Financial Crimes Commission (EFCC), to ensure that illegality is not allowed to thrive in the digital currency space.

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