Nigeria SEC Takes Major Regulatory Step to Prohibit P2P Crypto Trading

Nigeria SEC Announces Ban on P2P Crypto Trading Amid Economic Crisis

Nigeria's Securities and Exchange Commission (SEC) has revealed plans to ban peer-to-peer (P2P) crypto trading. This decision is aimed at protecting the Nigerian naira amidst escalating tensions within the crypto industry. The regulatory body's aggressive stance also includes recent arrests of top Binance executives.

Nigeria to Tighten Regulations as Binance Case Continues

Emomotimi Agama, Director General of the SEC, has raised concerns about P2P trading's impact on the naira exchange rate. The directive focuses on delisting the naira from P2P platforms to curb market manipulation and stabilize the currency. As Nigeria grapples with economic challenges, the SEC is ramping up efforts to safeguard financial stability through stringent regulations.