KuCoin Becomes the Only Global Crypto Exchange Participating in CBN's Virtual Asset Oversight Pilot Programme
Providenciales, Turks and Caicos Islands, (ANTARA/PRNewswire) - KuCoin, a leading global cryptocurrency platform prioritising user trust, has received an invitation to participate in a pilot programme for a supervisory mechanism launched by the Central Bank of Nigeria (CBN) for Virtual Asset Service Providers (VASP).
KuCoin is the only global cryptocurrency exchange included among the first participants in the programme, alongside several regional financial technology and digital asset companies. Through this initiative, the CBN is strengthening oversight in the digital asset sector while addressing financial crime risks by enhancing compliance with Anti-Money Laundering (AML), Counter-Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.
The CBN’s supervisory mechanism pilot programme is part of the regulator’s efforts to bolster the integrity of the financial system within Nigeria’s evolving regulatory framework. The programme also aligns with international standards as set by the Financial Action Task Force (FATF). On the other hand, this programme deepens the supervisors’ understanding of virtual asset business models, operational risks, and regulatory compliance practices.
In this programme, participants engage in structured regulatory dialogues, submit periodic supervisory data, and demonstrate progress in several key compliance aspects, including governance, transaction monitoring, sanctions screening, and implementation of the Travel Rule for cross-border transactions.
“Constructive dialogue between industry players and regulators is essential for building a sustainable digital asset ecosystem,” said BC Wong, CEO of KuCoin. “We view this initiative as an important step to enhance transparency, strengthen risk management, and promote regulatory clarity in emerging markets. As a global platform, KuCoin is always committed to collaborating with regulators to support responsible innovation and long-term industry development.”
As a participant in the CBN pilot programme, KuCoin demonstrates its global strategy to keep pace with regulatory developments across various jurisdictions. KuCoin will continue to invest in regulatory compliance infrastructure and risk management systems to support a trusted and resilient digital asset ecosystem.
This programme also reflects Nigeria’s increasingly proactive approach to engaging with the virtual asset sector, balancing innovation and regulatory strengthening in one of the world’s fastest-growing digital asset markets.
About KuCoin
Established in 2017, KuCoin is a leading global cryptocurrency platform that has earned the trust of over 40 million users in more than 200 countries and regions. Renowned for its reliability and user-centric approach, KuCoin combines cutting-edge technology, strong liquidity, and robust security systems to deliver a seamless trading experience. KuCoin provides access to over 1,500 digital assets through various products and is committed to building a transparent, compliant, and user-oriented digital asset infrastructure for the future of finance, supported by SOC 2 Type II certification, ISO/IEC 27001:2022, and ISO/IEC 27701:2019. In recent years, KuCoin has built a global regulatory compliance foundation, including obtaining AUSTRAC approval in Australia, MiCA licensing in Europe, and other business permits in various markets.
For more information: www.kucoin.com.