Nigerian cryptocurrency exchange, BuyCoins Africa, has discontinued its BuyCoins Pro service. The exchange, one of the pioneers in the African crypto space, is kicking off this move with a phased approach, according to a memo shared with users. During this transition, users will have a three-month window for continued access to asset withdrawals, and trading options will persist through BuyCoins' Over-the-Counter (OTC) service via Desk.

“We genuinely appreciate your understanding and cooperation during this period. We understand that changes like these can be inconvenient, and we’re committed to assisting you in any way we can to facilitate a smooth sunsetting process” the memo said.

BuyCoins Africa, initially launched as a single app in 2017, evolved into Basic and Pro versions. The Basic version focused on facilitating the buying and selling (investing) of digital assets, while the recently closed Pro version was tailored for advanced technical traders.

Formerly known as, Bitkoin, Buycoins was established in 2017 by Timi Ajiboye, Ire Aderinokun, and Tomiwa Lasebikan as a peer-to-peer Bitcoin trading platform. The platform aimed to provide Nigerians with a secure and straightforward means to buy, sell, and store cryptocurrencies.

In 2021, the exchange underwent a rebranding and became part of a new parent company named Helicarrier. Under the Helicarrier umbrella, BuyCoins offered a suite of products: BuyCoins, a platform for buying, selling, and storing cryptocurrencies; Buycoins Pro, a platform tailored for advanced crypto traders, featuring an order book, a variety of currency pairs, and tools for swift trading on the go; SendCash, a fintech platform facilitating crypto-powered remittances; SendCash Pay: a suite of developer tools empowering users to integrate borderless payment experiences into digital products; and NGNT (Nigerian Naira Token), a digital currency pegged to the Nigerian Naira.

In 2021, responding to regulatory changes, Buycoins took the strategic step of fully collateralizing NGNT with USDC, providing an alternative solution after the Central Bank of Nigeria banned banks from facilitating cryptocurrency transactions. NGNT was listed on a few local exchanges including Busha, Paxful, and Buycoins, but adoption remained terminally low. NGNT was last transacted about two years ago, according to Etherscan.

Buycoins' scale-down is a first of its kind for the ecosystem this year. However, this decision follows a trend set by blockchain companies last year, including Bundle and Vella Finance. While the global crypto community shares an optimistic outlook for 2024, anticipating momentum post the approval of the Bitcoin ETF, Buycoins' recent developments position it uniquely—an outlier or perhaps a delayed communicator of its decisions made in 2023.