Nigerian Securities Regulator: Crypto Exchanges Complying With Naira Delisting Directive

Nigerian Securities Regulator on Cryptocurrency Exchange

The Nigerian Securities Regulator has stated that cryptocurrency exchanges have complied with a directive to remove the local currency from peer-to-peer platforms. The acting director-general of the Nigerian Securities and Exchange Commission has called on platforms engaged in practices that undermine the national interest to cease such activities.

Kucoin’s Delisting of Naira Receives Praise

The Nigerian Securities and Exchange Commission (SEC) has stated that global cryptocurrency exchanges have adhered to its directive to delist the naira from their respective peer-to-peer (P2P) platforms. The SEC cited Kucoin’s recent announcement of its naira delisting and related services as evidence to support its claims.

As recently reported by News, the Seychelles-based crypto exchange suggested that the temporary suspension of P2P naira services ensures Kucoin’s compliance with local regulations. The SEC’s assertion that crypto exchanges are complying came less than two weeks after the securities regulator announced plans to delist the naira from P2P platforms.

Local Currency Manipulation Allegations

Nigerian Securities Regulator officials argue that removing the naira from P2P crypto platforms deprives currency speculators of a tool used to manipulate the local currency’s exchange rate. Emomotimi Agama, the acting director general of the securities regulator, commented on reports that global crypto exchanges have adhered to the directive from the SEC and the Office of the National Security Adviser.

“We are happy that they have started complying with the directives by the ONSA. We ask that those involved in sharp practices that undermine national interest should cease and desist. It is in our interest as a people to protect what belongs to us. Anyone that disobeys directives should be ready to face the full weight of the law,” Agama reportedly said.

Agama added that his organization is collaborating with other entities, such as the Economic and Financial Crimes Commission, to ensure that peer-to-peer crypto trading does not flourish.

Source: Bitcoin

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