Nigeria’s Crypto Sandbox Faces Setback as Quidax Halts P2P Services
Nigeria's push to regulate its cryptocurrency market has hit a snag with Quidax, a local exchange, shutting down its peer-to-peer (P2P) trading platform. The move aligns with the Securities and Exchange Commission's (SEC) Accelerated Regulatory Incubation Program (ARIP), aimed at formalizing the crypto sector. Quidax cited user preference as the reason for discontinuing P2P services, though other offerings like instant swaps and order book trading remain operational.
P2P trading has been a contentious aspect of Nigeria's crypto economy, enabling direct transactions between users while bypassing traditional banking channels. This model, while boosting liquidity, has also drawn regulatory scrutiny. Experts suggest that the crackdown on P2P platforms will test the limits of Nigeria's regulatory framework for digital assets.
