Nigeria cracks down on crypto trading, leading Kucoin to halt naira transactions.
- Nigerian regulators have been pressuring the crypto industry, especially peer-to-peer (p2p) trading, which they believe is hurting the national currency.
- This pressure recently led the global crypto exchange Kucoin to suspend all Nigerian naira-based transactions, including p2p trading.
- This move comes after the government tightened restrictions, including freezing bank accounts suspected of crypto trading activity.
- The naira's value has been volatile, and authorities blame crypto trading in part.
- Despite these measures, the naira's struggles continue, and it's unclear if a complete p2p ban is coming.
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