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BREAKING: Naira finally removed from P2P Cryptocurrency Platforms 

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.

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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.

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