By Kayode Sanni-Arewa
Naira has been removed from peer-to-peer cryptocurrency platforms in a bid to prevent currency manipulation.
Recall that the Director General of the Securities and Exchange Commission, Emomotimi Agama, during a virtual meeting with blockchain stakeholders on Monday, May 6, called for the removal of Naira from peer-to-peer cryptocurrency platforms.
In response to the instructions, On Thursday, May 16, a press release from the Security and Exchange Commission in Abuja revealed that KuCoin, a prominent Cryptocurrency exchange, has officially announced the discontinuation of the naira as a fiat currency choice for transactions.
Other platforms that the Naira has been removed from including,
Binance: Binance was the first to remove Naira services from its platform in February 2024, and it has also stopped accepting Naira deposits and withdrawals.
Other exchanges: Other exchanges have also removed the Naira from their platforms, and it is expected that all exchanges will do so to avoid facing legal issues.