The Securities and Exchange Commission (SEC) recently announced that cryptocurrency exchanges have begun delisting the Naira for peer-to-peer (P2P) trading platforms.
The SEC and the Office of the National Security Advisor (ONSA) issued an order the week prior mandating that digital currency companies deregister Naira from their platforms in order to prevent the currency from being mishandled.
According to the SEC’s findings, Naira, which was utilized as a fiat currency in transactions conducted on Kucoin, has been decoupled. The exchange is currently evaluating technological alternatives in order to promptly deregister Naira.
According to the exchange, this measure will help prevent any endeavors to manipulate the exchange rates associated with the Nigerian currency, thereby preserving or potentially enhancing the Naira’s overall value.
Dr. Emomotimi Agama, acting director general of the SEC, reacted positively to KuCoin’s delisting and appreciated the cryptocurrency exchanges’ compliance with ONSA and the SEC directives, describing the development as positive.
Dr. Agama went on to add that all individuals and businesses should refrain from playing with matters related to the nation’s robustness and instead help to further its reputation on all fronts. He strongly feels that the protectors of the law should come down heavily on all miscreants, irrespective of who they are or who they represent.
He continued by emphasizing how encouraging it is to see the SEC working closely with all other relevant regulatory bodies and commissions, such as the Economic and Financial Crimes Commission (EFCC), to prevent any fraudulent activities that could harm the national interest.