SEC Reports: Crypto Exchanges Removing Naira from P2P Platforms

Cryptocurrency exchanges have initiated the delisting of Naira from peer-to-peer (P2P) trading platforms, as per recent announcements by the Securities and Exchange Commission (SEC).

In collaboration with the Office of the National Security Advisor (ONSA), the SEC issued an order last week mandating digital currency companies to remove Naira from their platforms to prevent potential mishandling of the currency.

Based on the SEC's investigation, Naira, previously utilized as a fiat currency on Kucoin, has been disconnected. The exchange is currently exploring technological alternatives to promptly comply with the deregistration of Naira.

This action is aimed at preventing any manipulation of exchange rates associated with the Nigerian currency, thereby safeguarding or potentially bolstering the overall value of the Naira.

Dr. Emomotimi Agama, acting director-general of the SEC, expressed appreciation for KuCoin's delisting and commended cryptocurrency exchanges for adhering to the directives of ONSA and the SEC, describing the development as a positive step.

Dr. Agama further emphasized the importance of individuals and businesses refraining from engaging in activities that could undermine the nation's stability and instead contributing to its reputation in all aspects. He stressed the need for stringent measures against any misconduct, regardless of the perpetrator's identity or affiliation.

He also highlighted the collaborative efforts between the SEC and other relevant regulatory bodies such as the Economic and Financial Crimes Commission (EFCC) to prevent fraudulent activities detrimental to the national interest.