Blockchain TechnologyEmbracing a Brighter Future: KuCoin’s Compliance Initiative and Temporary Pause on P2P Nigerian Naira (NGN) Services

KuCoin, a leading global cryptocurrency exchange, announced a key step forward in its ongoing compliance efforts in Nigeria. As part of its commitment to providing secure and compliant trading options, KuCoin will be temporarily suspending all Peer-to-Peer (P2P) Nigerian Naira (NGN) services and Fast Buy service via Naira cards starting from May 15, 2024, at 08:00 UTC

This decision marks another significant move by KuCoin to ensure full compliance with local regulations, reflecting its dedication to legal and secure operations. This follows its recent registration as the first global exchange to successfully register with the Financial Intelligence Unit (FIU) in India, underscoring the commitment to meeting regulatory standards worldwide.

For the time being, KuCoin will focus on ensuring all systems are meeting the compliance requirements set by Nigerian authorities, with the goal of providing the best products and services responsibly to our users according to the standards of their respective jurisdiction.

KuCoin CEO Johnny Lyu stated, “Our decision to temporarily suspend these services is a proactive step towards being compliant to Nigerian regulations. Which aligns with our global strategy of providing a safe, secured and transparent trading environment for all of our users. We are committed to Nigeria and working diligently with the Nigerian authorities.”

Meanwhile, KuCoin assures all users that their assets remain safe and secured and all other services will continue to operate normally.

PRNewswire

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