After Binance, FG Moves to Track Other Crypto Sites to Delist Naira from P2P Platforms
- The Securities and Exchange Commission (SEC) has disclosed plans to start monitoring cryptocurrency platforms with naira feature
- The SEC said it plans to delist the naira feature from all Peer-to-Peer platforms to reduce the manipulation of the Nigerian currency
- SEC boss Emotimi Agama stated that a new crypto regulation is coming in a few days to enhance the performance of the naira in the FX market
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.
The Nigerian government plans to track and delist the naira feature from all Peer-to-Peer crypto platforms to reduce the manipulation of the local currency in the foreign exchange market.
The director general of the Securities and Exchange Commission (SEC), Emomotimi Agama, disclosed this during an interactive session with the Nigerian Blockchain Industry.
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SEC to roll out crypto rules
He said the move is expected to be part of guidelines that will be rolled out in the coming days as Nigeria tightens regulation on the crypto industry.
At the meeting, he reassured the blockchain ecosystem stakeholders that the Commission was ready to work with everyone in the space, noting that the SEC is updating its guidelines to ensure best practices.
He decried how market players manipulated the value of the naira and explained that this is why the Commission is seeking collaboration to ensure that the ecosystem is respected globally.
The SEC boss highlighted that the commission is working to ensure that institutions and people who need to be onboarded do so quickly and without bottlenecks.
CBN orders fintech to stop new account openings
Accoring to a report, the move comes after the Central Bank of Nigeria (CBN) directed financial technology firms to stop new account openings and warn customers against crypto transactions on their platforms.
Some fintechs, including Opay, Palmpay, Kuda, Moniepoint, and Paga, sent messages to customers that they would close accounts found engaging in crypto or other virtual assets transactions and send their details to the regulatory authorities.
According to the fintechs, they were not licensed to trade on cryptocurrencies to facilitate P2P transactions.
According to a Legit.ng report, the Economic and Financial Crimes Commission got a court order to freeze over 1,000 accounts for 90 days as it continues investigations.
The Guardian reports that the new move by the SEC may affect about $50 billion trapped in various crypto accounts and wallets.
Moniepoint, Paga, and others send messages to customers
Legit.ng previously reported that In response to recent directives from the Central Bank of Nigeria (CBN), several financial technology(fintech) banks have ceased cryptocurrency-related transactions on their platforms.
The fintechs have therefore instructed customers to comply with the directive or risk getting their accounts blocked.
In separate emails, text messages, and in-app notifications, the fintech noted that they will share details of the customers involved in crypto-related transactions with the government.
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Source: Legit.ng
