Kucoin suspended P2P in Nigeria

[Jegileman]

woke up this morning and I decided to check rate as usual to see what's going on, only to my surprise, I couldn't find NGN/USDT and other trading pairs. It seems the Nigerian Security exchange commission are pushing hard and want to kill the p2p market in Nigeria. No official announcements yet but I can confirm from other people and it's not showing from their end, this is not a glitch.

This news could have been a surprise to us all but after what they did to Binance and OKX, we should expect that they’ll come for all other exchanges that allow Nigeria p2p on their platforms. I saw a news today on social media where the EFCC chairman was talking about how cryptocurrency and p2p platforms are being used as a means to finance terrorism and all other illegal acts in the country.

Terrorism have been in existence for years no doubt about that, but making it look like cryptocurrency is the only means this terrorist used to do their monetary operations is what I don’t understand. He also said cryptocurrency is being used for money laundering which most of the money laundering that have been happening are from government officials, why not clamp on them and free the normal Nigeria that is finding a means of livelihood through this p2p exchange platforms, this is too harsh for Nigerians to be honest. I know they’ll come for other exchanges but one thing is for sure, they can never stop p2p operation in Nigeria but only stop those exchanges from offering it.

They’ll come for all other exchanges and we are all expecting that at the moment now. After all this steps they’ve taken, we have not seen any appreciation in naira against dollar, will the fight still continue with cryptocurrencies or they’ll go through another means which they knew the right means to use to tackle this all along.

[Samlucky O]

woke up this morning and I decided to check rate as usual to see what's going on, only to my surprise, I couldn't find NGN/USDT and other trading pairs. It seems the Nigerian Security exchange commission are pushing hard and want to kill the p2p market in Nigeria. No official announcements yet but I can confirm from other people and it's not showing from their end, this is not a glitch.

That is not a glitch , that is absolutely a shutdown of kucoin. First I saw the news online I thought it was a joke so I decided to go and check my kucoin app, low and bellow the news was actually correct. Although initially the buy and sell other was showing but now it is no longer showing again that means they have lose it down. Though I am still yet to figure out way to trade in other exchange. When the time comes we would know how to do it. But if I find an endless way, I will let you guys know but not in this forum because there are spy everywhere to track people down.

[Stepstowealth]

With all these moves by the FG against crypto exchange, I think there is a hidden agenda the FG is pursuing to actualize. Let's not be surprised that at the end of the whole drama, the Federal Government would like to introduce an exchange app that Nigerians will use to transact their USDT to naira.

Their application will be the last resort, because so long as na crypto dey involved, senior men go find alternatives share the info reach us, way must dey aside the any government application wen dem go just like introduce.

Listen to the words of our president below. What can you deduct from this?

“If we reduce the purchasing power of the people, we can further slow down the economy,. Let’s widen the tax net, those who are not paying now, even if it’s inclusive of me, let the net get bigger and we take in more taxes. And that is what we must do in the country.”

It is bad and wicked thing to increase the tax on people when you have not made an attempt to help increase what they earn. Government wan squeeze people neck.

[knowngunman]

And we are ever ready to see them manifest these, maybe we can see if that will be the reason that can drag the performance of naira against dollar or not, but am very sure they cannot halt on all other exchanges, this is something that the government will have to understand, this thing the government are doing is going to cause another loophole to them that will serve a vulnerability to more fall of naira against dollar.

I'm beginning to suspect that Nigerian government has issued order to these major exchanges to quit the trading of NGN/USD in their various platforms and they complied with a deadline. Seeing major exchanges removing NGN on their platforms one after the other is very abnormal and I'm now convinced that something fishy is going on behind the scene.

This is the kind of result you get when ignorant people are being given the power to pilot the activities and affairs of the state. Some weeks back, one government officials opined that P2P should be scrapped in Nigeria because that is the reason for our naira devaluation. It's a shame and embarrassing that our government is occupied by people with shallow minds.

By now, they should have realized that this has nothing to do with crypto or P2P but it's a norms in this country to focus on delicate issues than major issues which requires utmost attention. This is propaganda from government and it won't solve any problem other than making naira more valueless. I sensed Misplacement of priorities at it peak!

[Jaycoinz]

Omo me no go lie oo, I actually taught this whole matter will die off but looking at the way things are going, It seems Nigerian government really wan blame cryptocurrency for the fall of their naira whereas dem know within dem selves say na dem be the whole cause of everything. If dem wan really make the naira strong then make dem first of all ban the use of dollars itself from the country so that even the government officials dem self go get no option but to see the idiotic move they are taking towards making naira strong.

[Amphenomenon]

To be frank, I hate this news but I have not been a fan of Kucoin after they changed their TOS last year but anyway we will continue to strive.

Omo me no go lie oo, I actually taught this whole matter will die off but looking at the way things are going, It seems Nigerian government really wan blame cryptocurrency for the fall of their naira whereas dem know within dem selves say na dem be the whole cause of everything.....

Come to think of it, this is the only way government can make ignorant people believe they are trying their best, it's obvious there are still those who think crypto currency is fraudulent base on the said BTC boys which are fraudsters though this belief is slowly dying down while others who may be planning to venture into crypto currency except being enlightened will think Cryptocurrency is banned in Nigeria which is far from it.
Government is against crypto currency is obvious, there's nothing they will say that will make us believe they actually support this.

[Iamcrypticguy]

This is not the first time Nigerian government is closing p2p from exchange, it all started from binance and today kts kucoin. However, from the beginning of this clash between p2p and Nigerian government fight against dollar and naira we have lost binance already and we moved to kucoin, so today kucoin p2p is no longer available to Nigerians, I believed there are more exchanges that we can use if we want to exchange coins to fiat.

Yeah they're more exchange. But the naira isn't coming down lol..so why the baseless fight against P2P?

[Antotena]

You haven't seen anything yet, even if the government will come up with its own platforms to trade the tax will not be nice, is this even the solution?

Why does this sound like I'm the only person affected by this news? You said and I quote "You haven't seen anything yet? Did you see where I said I don't have an alternative ways to trade fiat with my coins or you are angry that government is dragging down the p2p in the popular exchanges. Well, I'm happy to tell you that this is a direction from SEC chairman and this will not stop until they see the end of it all and this will definitely affect the legitimate traders and most investors.

These exchanges are not even decentralised exchanges why won't the p2p service get destroyed ? It is obvious nah.

The solution will be a no man's land Dex exchange that deals with only P2P, no team to approach, no email to send letters to, etc, this is the only way we can be saved.

Decentralized p2p in Nigeria? Can you help us with one, I believe if there is one most of the people angry about this wouldn't even send what the government is doing but there is none. It's actual something anyone could create but if the government want to clamp it down, the server is what they need to locate and confiscate the domain and beside, Nigerians don't trust anything Nigeria create because of lack of trust within us.

[Dailyscript]

They’ll come for all other exchanges and we are all expecting that at the moment now. After all this steps they’ve taken, we have not seen any appreciation in naira against dollar, will the fight still continue with cryptocurrencies or they’ll go through another means which they knew the right means to use to tackle this all along.

This is no more a problem to we the crypt enthusiast. The government have done so much and they wont rest till they eliminate every way Nigerians have been using to operate in that area. Only one thing is certain that they will get tired and forget about all this fruitless actions. Soon everyone will forget about what is happening and focus on themselves, the government has a hidden agenda based on their actions which they are using to blind the eyes of the youth. Surely their plans would never work out, we will surely have a way.

[Belarge]

The exchange just did not announce it but naira P2P on the exchange has been removed. It has been removed and we know that our government and regulators are the ones responsible for it.

I have this question for Nigeria government, why fight crypto in Nigeria when you have other priorities to persuade? It's really a struggle because everything turns up side down in Nigeria and thats doesn't send out good signal. The Nigeria government at work again. This current administration of government is simply the worst and I must say, they're determined to ruled out all form of P2P on crypto exchange that has to do with the naira.

[Bournesparks]

They’ll come for all other exchanges and we are all expecting that at the moment now. After all this steps they’ve taken, we have not seen any appreciation in naira against dollar, will the fight still continue with cryptocurrencies or they’ll go through another means which they knew the right means to use to tackle this all along.

This is no more a problem to we the crypt enthusiast. The government have done so much and they wont rest till they eliminate every way Nigerians have been using to operate in that area. Only one thing is certain that they will get tired and forget about all this fruitless actions. Soon everyone will forget about what is happening and focus on themselves, the government has a hidden agenda based on their actions which they are using to blind the eyes of the youth. Surely their plans would never work out, we will surely have a way.

Someone mentioned the govt has an hidden agenda and won't be surprised to see them bring up their own P2P trading system. Thinking about it I think it may be true ahah. Anyways till then they're still good platforms that has P2P running. Someone could suggest some and you may check them out..

[Mpamaegbu]

Na those of us here wey supported dis govment during d elections I wan even read their own side of dis whole thing first. Wen we dey talk sey dis govment nor go good for owa bodi dem think sey we be haters. Owa people sey na d smell of fart dem dey take know d taste of shit. Wen dat memo banning some exchanges leaked, CBN rushed deny am as fake news but we see as e dey play now. I know sey na one afta d other dem go take block P2P on all major exchanges

Shey we dey see am now? Dis administration won't stop until dem sqeeze dis nation to near death. The main issue of security and production dey there for dem to tackle but dem leave am dey chase wetin nor loss.

[Cryptomultiplier]

Na those of us here wey supported dis govment during d elections I wan even read their own side of dis whole thing first. Wen we dey talk sey dis govment nor go good for owa bodi dem think sey we be haters. Owa people sey na d smell of fart dem dey take know d taste of shit. Wen dat memo banning some exchanges leaked, CBN rushed deny am as fake news but we see as e dey play now. I know sey na one afta d other dem go take block P2P on all major exchanges

Shey we dey see am now? Dis administration won't stop until dem sqeeze dis nation to near death. The main issue of security and production dey there for dem to tackle but dem leave am dey chase wetin nor loss.

With this experience so far from the current administration, upon after making campaign promises mostly around the subject of cryptocurrency, it makes me wonder if Donald Trump who is currently running for president of United States, won't get to do same if peradventure, he gets elected and is expected to fulfill his promise of supporting cryptocurrency in the country.

It's very depressing to see the government hell bent on frustrating new initiatives mostly as concerns cryptocurrency advancement in the country, all because they want money from the exchanges and want to keep tabs on the poorer citizens who have no way to be financially dependent.

Removing Naira from P2p on any exchange platform won't stop the Naira from losing value as it is already doing. It is unless we as the citizens decide to use Naira instead of dollar for both international and local trade and payments for transactions, that's when the demand for Naira will rise this leading to it having value.

[Mpamaegbu]

With this experience so far from the current administration, upon after making campaign promises mostly around the subject of cryptocurrency, it makes me wonder if Donald Trump who is currently running for president of United States, won't get to do same if peradventure, he gets elected and is expected to fulfill his promise of supporting cryptocurrency in the country.

The US is a better structured country. Trump nor go fit try am and go free. There, leaders dey dey careful wit wetin dem dey talk because d citizens go hold dem accountable. Naija na a different case where money bags get mouth and dey form skoraw.

It's very depressing to see the government hell bent on frustrating new initiatives mostly as concerns cryptocurrency advancement in the country, all because they want money from the exchanges and want to keep tabs on the poorer citizens who have no way to be financially dependent.

D main aim sef fit to nor be d tax. The ones wey dem dey get, wetin dem dey do with d money? E fit be sey na just to cripple the financial independence of citizens so dey can always bow dem at every call. Una fit call am conspiracy theory but na d way I see am. Which other way persin fit explain a govment wey dey try destroy its people financially if not be dat.

[Perfectbaby]

It's no longer news knowing that the government trying all they could do to make sure they seriously fight against dollars that is affecting the fall of NGN. We know that whenever they noticed a certain population toward a particular exchange they works towards on putting it to an end, and of course these government agent has an agency whom is trading for them as well.

After they succeeded pulling out their holdings they would report the particular exchange within few weeks or so the exchange would be shut down like, they would delist Nigerian Naira from the exchange. But one thing for sure is that after they fight and they couldn't succeed they will end up allowing the youths to have their ways typical example is what happened during endsars protects.

[rdbase]

You haven't seen anything yet, even if the government will come up with its own platforms to trade the tax will not be nice, is this even the solution?

These exchanges are not even decentralised exchanges why won't the p2p service get destroyed ? It is obvious nah.

The solution will be a no man's land Dex exchange that deals with only P2P, no team to approach, no email to send letters to, etc, this is the only way we can be saved.

Seen this on X posted last week stating the SEC in Nigeria are looking to ban all P2P trading.

https://twitter.com/BTCTN/status/1788216533841248259

So I would beg to guess they started already with these letters to their Kucoin customers about the delisting of it's own currency on their platform.

[Promocodeudo]

To be frankly speaking, It's really sad to see our Naira (NGN) p2p trading pairs been removed from reputable exchanges every single day. I really don't know what we did to deserve all this from this present administration. But however, one thing for sure is that no matter how this administration tries to fight and eliminate Bitcoin by all means, they can never force me to prefer fiat over Bitcoin when it comes to long term investment. I'm a die fan of Bitcoin, and I shall remain a die fan of Bitcoin. So the earlier our government understand that the youths of now our days have chosen the part of Bitcoin over fiat, the better for them. And thank God for the anonymousity Bitcoin grants us, because who knows what they would have done to us, had Bitcoin been transparent.

It is very obvious that crypto enthusiast didn't do anything wrong, what we all did is to be educated technologically, lets not forget that our government doesn't want to hear that the youths shift attention from politics, they always want to use us to perpetrate there evil plans and it seems they youth has understand that with our government their future is not guaranteed, so because of this fact many youths has decided to improve themselves in this innovation called Bitcoin in other to make their future a good one and the government knows the risk ahead so they decided to frustrate the means, you will agree with me that it is very rare to see any young person in nigeria talking about governmet job again, many nigerian youths has moved on to tech innovations not only bitcoin investment but forex trading too and this is because they do not beleive in our government any longer, the discouragement will continue by the government but lets not allow it to deter us from learning more to enhance our skills in tech because there are more things to profit than being distrated with action that has solution.

[Cryptodaring]

They’ll come for all other exchanges and we are all expecting that at the moment now. After all this steps they’ve taken, we have not seen any appreciation in naira against dollar, will the fight still continue with cryptocurrencies or they’ll go through another means which they knew the right means to use to tackle this all along.

This is no more a problem to we the crypt enthusiast. The government have done so much and they wont rest till they eliminate every way Nigerians have been using to operate in that area. Only one thing is certain that they will get tired and forget about all this fruitless actions. Soon everyone will forget about what is happening and focus on themselves, the government has a hidden agenda based on their actions which they are using to blind the eyes of the youth. Surely their plans would never work out, we will surely have a way.

Someone mentioned the govt has an hidden agenda and won't be surprised to see them bring up their own P2P trading system. Thinking about it I think it may be true ahah. Anyways till then they're still good platforms that has P2P running. Someone could suggest some and you may check them out..

Yes I feel you on that guy, has in I sometimes wonder 🤔 that the government can't be doing this without having a plan of their own sha,for now me dey with Bitget I have been using their P2P for sometime now it quite reliable you fit check them out

[nelson4lov]

You haven't seen anything yet, even if the government will come up with its own platforms to trade the tax will not be nice, is this even the solution?

These exchanges are not even decentralised exchanges why won't the p2p service get destroyed ? It is obvious nah.

The solution will be a no man's land Dex exchange that deals with only P2P, no team to approach, no email to send letters to, etc, this is the only way we can be saved.

I was on a discourse with some of our country men a few weeks ago and they were saying Government should bring regulations rather than this boycotting they are currently doing to these platforms. It's interesting because if regulations come, most of the privilege that Nigerians have accessed in the past, airdrops, job opportunities, exchanges, etc, will want to distant themselves from Nigerians if the regulations are blurry like that of the US, no one will want to include Nigerians in anything.

The problem with decentralized p2p you've mentioned is that, there are some many features that centralized ones provide that decentralized ones won't have. For instead, there needs to be some sort of agents for disputes because there would always be need for such since some p2p traders move mad sometimes.

[Y3shot]

Their agenda is just to stop everything about cryptocurrency in the country but they do not know how to come out boldly to do it. They know any step coming out to stop cryptocurrency the youth may react which can cause crisis in the country that is why they are suspending cryptocurrency gradually. They know they have not provide any job for the youth and cryptocurrency is what many youth engage themselves into. The problem we are facing in this country is our leaders , they are very insensitive in their reasons. In this hard economy that their are no jobs , no opportunity and people who are trying to create income for themselves and they are trying to just frustrate people.