Embracing a Brighter Future: KuCoin's Compliance Initiative and Temporary Pause on P2P Nigerian Naira (NGN) Services

May 16, 2024 08:40 PM AEST | By Cision

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Embracing a Brighter Future: KuCoin's Compliance Initiative and Temporary Pause on P2P Nigerian Naira (NGN) Services — Image source: Kalkine Media

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VICTORIA, Seychelles, May 16, 2024 /PRNewswire/ -- 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.

For more information, please visit KuCoin's official website.

About KuCoin

Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community action reach, it offers over 900 digital assets and currently provides Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 31 million users in more than 200 countries and regions. In 2023, KuCoin was named one of the Best Crypto Exchanges by Forbes and recognized as a highly commended global exchange in Finder's 2023 Global Cryptocurrency Trading Platform Awards. Learn more at https://www.kucoin.com/.

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