Quidax has discontinued its P2P trading feature, highlighting how regulatory pressure is reshaping Nigeria’s fast-evolving crypto market.
Nigerian crypto exchange Quidax has shut down its peer-to-peer (P2P) trading service just five months after launch, reflecting rising regulatory pressure on crypto platforms in Nigeria. In a notice to users, the exchange said the move was part of a strategic shift toward higher-demand products such as instant swaps and order-book trading. Core services like deposits, withdrawals, and spot trading remain active.
P2P trading has long been popular in Nigeria for Naira on- and off-ramps, but regulators increasingly see it as risky due to opaque transaction flows, exchange-rate manipulation, and weak oversight. Although Quidax built its P2P system with strict KYC and controls, uncertainty around enforcement appears to have outweighed demand.
The shutdown comes amid stalled crypto sandbox timelines and stricter SEC capital requirements under Nigeria’s updated securities laws. Analysts say the move signals a broader shift away from informal crypto rails toward more tightly regulated channels.
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