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The De-listing of Naira by Cryptocurrency Exchanges
The recent announcement by the Securities and Exchange Commission (SEC) regarding the de-listing of Naira from cryptocurrency exchanges for peer-to-peer (P2P) trading platforms has sparked significant attention. The SEC, along with the Office of the National Security Advisor (ONSA), mandated digital currency companies to deregister Naira from their platforms to safeguard against potential mishandling of the currency.
SEC’s Findings and Actions
The SEC’s investigation revealed that Naira, previously utilized as a fiat currency in transactions on Kucoin, has been decoupled from the exchange. As a response to the directive, Kucoin is currently exploring technological solutions to promptly remove Naira from its platform. This strategic move aims to thwart any attempts to manipulate exchange rates linked to the Nigerian currency, thus preserving and potentially bolstering the overall value of Naira.
Positive Reaction from SEC and Regulatory Bodies
Dr. Emomotimi Agama, acting director general of the SEC, expressed approval of Kucoin’s compliance with the de-listing order and commended cryptocurrency exchanges for adhering to ONSA and SEC directives. Describing the development as a positive step, Dr. Agama underscored the importance of upholding the integrity of the nation’s financial system.
He further emphasized the need for all individuals and businesses to act responsibly and contribute to enhancing the nation’s reputation. Dr. Agama believes in the necessity of strict enforcement of the law to deter any misconduct that could undermine the country’s interests, regardless of the individuals or entities involved.
Additionally, he highlighted the collaborative efforts of the SEC with other regulatory bodies like the Economic and Financial Crimes Commission (EFCC) to combat fraudulent activities that pose a threat to the national economy. Such coordinated initiatives demonstrate a unified front in safeguarding the integrity of Nigeria’s financial landscape.
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