KuCoin (CRYPTO:KCS), a leading cryptocurrency exchange, has temporarily halted its peer-to-peer (P2P) naira services and fast-buy service via naira cards as of May 15, 2024.

This suspension follows the Nigerian Securities and Exchange Commission's recent advisement for crypto platforms to cease naira P2P trading due to the currency's instability.

Although KuCoin attributes the pause to service enhancements, regulatory pressures from the Nigerian government are believed to be a significant factor.

Other exchanges, such as Binance and OKX, have similarly ceased naira support earlier this year.

This crackdown by Nigerian authorities, aiming to stabilise the naira, has left many users uncertain about the future of cryptocurrency trading in the country, prompting calls for a balanced regulatory framework.