KuCoin, one of the leading cryptocurrency exchanges globally, has announced a temporary pause on its P2P Nigerian Naira (NGN) services and Fast Buy service via Naira cards.

This move, set to commence from 2024-05-15 08:00 (UTC), aims to prioritize compliance measures within the platform.

In a message addressed to its valued users, KuCoin expressed its dedication to providing a robust and secure trading environment.

The temporary suspension of NGN services is part of the exchange’s commitment to accelerating the compliance process.

During this period, ongoing orders will be completed normally, and all other services on the platform will remain available.

KuCoin assured its users that their assets are safe and secure on the exchange. While acknowledging that adjustments might be required in trading preferences, KuCoin explained that this decision is a step toward enhancing the overall trading experience for its users.

The exchange reiterated its focus on compliance and creating a secure environment for all users. KuCoin aims to resolve the compliance-related matters swiftly and efficiently to ensure a seamless transition back to full functionality of NGN services.

The decision to temporarily suspend NGN services underscores KuCoin’s proactive approach to regulatory compliance, reflecting its commitment to maintaining transparency and trust within the cryptocurrency ecosystem.

KuCoin expressed gratitude for the understanding and cooperation of its users during this period of change.

One of the world’s largest cryptocurrency exchanges, Coinbase, has been plunged into chaos as it experienced a catastrophic system-wide outage, leaving traders and investors stranded and unable to access their accounts.

The disruption, which commenced at 4:15 am UTC on May 14, has rendered both the desktop and mobile platforms of Coinbase completely unusable.

Users attempting to access the exchange are greeted with a frustrating “503 Service Temporarily Unavailable” error message, indicative of the severity of the situation.

Coinbase, known for its reliability and user-friendly interface, has been a cornerstone of the cryptocurrency market for years.

However, this unprecedented outage has shaken the confidence of countless traders who rely on the platform for their daily transactions and investments.

Coinbase swiftly notified its user base of the issue through its official status page, acknowledging the severity of the problem and assuring customers that their funds remain secure.

The exchange’s support team took to social media to disseminate updates, pledging to investigate the issue and work tirelessly to find a resolution.

This isn’t the first time Coinbase has faced technical difficulties during periods of heightened market activity.

Just months prior, on February 28, the exchange experienced temporary outages alongside several other platforms amidst a frenzy of trading activity during a Bitcoin flash crash. Such incidents highlight the strain that surges in traffic can place on even the most robust of systems.

While outages like these are undeniably frustrating for users, they often spark speculation within the crypto community.

Some enthusiasts view these disruptions as a bullish sign, interpreting the influx of traffic and subsequent downtime as indicators of growing interest and adoption in the cryptocurrency space.

Coinbase down.

We are so fucking back. pic.twitter.com/sZaqdwELlA

— Castillo Trading (@CastilloTrading) May 14, 2024

Despite the inconvenience caused by the outage, there remains a palpable sense of optimism among certain factions of the crypto community.

In a recent exchange of accusations between Nigeria and Binance Holdings Ltd, the West African nation firmly rebuked allegations of bribery leveled against it by the cryptocurrency giant.

The dispute escalated following a blog post by Binance Chief Executive Officer Richard Teng, claiming that Nigerian officials demanded a $150 million bribe to settle ongoing legal issues faced by the company.

The Ministry of Information spokesman, Rabiu Ibrahim, denounced the accusations made by Teng, dismissing them as baseless and a mere attempt to divert attention away from Binance’s own legal predicaments.

Ibrahim said the claims lacked any credible evidence and were merely a part of Binance’s strategy to deflect scrutiny from its operations.

The allegations surfaced amidst a backdrop of strained relations between Nigeria and Binance following the detention of two Binance employees in the country. One employee managed to escape custody, while the other, Tigran Gambaryan, remains detained, facing charges related to tax evasion, currency speculation, and money laundering.

According to Teng’s blog post, Binance representatives were allegedly approached by unidentified individuals after a meeting with Nigerian officials, demanding a substantial payment in cryptocurrency to resolve the legal issues swiftly.

However, Nigerian authorities vehemently denied these claims, stating that they were part of an orchestrated campaign by Binance to undermine the government’s credibility.

The Nigerian government further criticized Binance for its alleged involvement in criminal activities across multiple countries, including the United States.

Ibrahim said the country would not succumb to Binance’s attempts to tarnish its reputation through fictitious claims and media campaigns.

The escalating tensions between Nigeria and Binance come at a time when the cryptocurrency exchange is facing legal challenges globally.

Binance founder Changpeng Zhao was recently sentenced to four months in prison in the United States for regulatory violations, further complicating the company’s legal woes.

In Nigeria, Binance has been under scrutiny for its role in cryptocurrency speculation against the national currency, the naira, which has experienced significant depreciation in recent months.

The Nigerian Securities and Exchange Commission announced plans to ban person-to-person cryptocurrency trading in the naira, signaling increased regulatory scrutiny on the cryptocurrency sector.