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News

Nigerian SEC Cracks Down on Unsanctioned Crypto Exchanges!

September 9, 2024 - Around 2 mins mins to read

Key Points:

  • Nigerian SEC will crack down on crypto exchanges that are not under its supervision, aiming for stricter compliance and investor protection.
  • Quidax and Busha receive Nigeria’s first “in-principle approval” from the SEC, marking a milestone in crypto regulation.
  • Nigeria’s crypto market is projected to reach USD 52.5 million by 2028, with new regulations strengthening AML and CFT measures.
The Nigerian SEC announced plans to start enforcement procedures against digital asset exchanges and any other related entities for failing to operate under their supervision.
Nigerian SEC Cracks Down on Unsanctioned Crypto Exchanges!

Nigerian SEC to Intensify Crypto Regulation

The SEC’s Chief Executive Officer, Emomotimi Agama, said the commission would do everything within its powers to protect investors by ensuring “adequate” compliance with set rules by market operators. According to Nairametrics, as much as the SEC appreciates technology, innovation, and the emergence and growth of the crypto market, it is equally committed to ensuring that the regulations are sound enough to ward off all forms of non-compliance.

Read more: Nigerian Crypto Transactions Get a Big Boost With Government Backing

Quidax and Busha Get SEC Approval

In perhaps the biggest step toward regulating the crypto space in Nigeria, the country’s SEC granted “in-principle approval” for two cryptocurrency exchanges, Quidax and Busha, sometime this year. That would make the respective platforms the first in the country to get such formal recognition from the SEC, hence a landmark for the country’s approach toward regulating digital currencies.

Agama further explained that the Nigerian SEC’s regulatory regime will contain strong provisions, like anti-money laundering and combating the financing of terrorism, to deal with any looming risk in crypto transactions. A more regulatory approach is thus intended toward market integrity and investor protection, considering that Nigeria’s cryptocurrency market is likely to be valued at USD 52.5 million by 2028.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

Nigerian SEC Cracks Down on Unsanctioned Crypto Exchanges!

Key Points:

  • Nigerian SEC will crack down on crypto exchanges that are not under its supervision, aiming for stricter compliance and investor protection.
  • Quidax and Busha receive Nigeria’s first “in-principle approval” from the SEC, marking a milestone in crypto regulation.
  • Nigeria’s crypto market is projected to reach USD 52.5 million by 2028, with new regulations strengthening AML and CFT measures.
The Nigerian SEC announced plans to start enforcement procedures against digital asset exchanges and any other related entities for failing to operate under their supervision.
Nigerian SEC Cracks Down on Unsanctioned Crypto Exchanges!

Nigerian SEC to Intensify Crypto Regulation

The SEC’s Chief Executive Officer, Emomotimi Agama, said the commission would do everything within its powers to protect investors by ensuring “adequate” compliance with set rules by market operators. According to Nairametrics, as much as the SEC appreciates technology, innovation, and the emergence and growth of the crypto market, it is equally committed to ensuring that the regulations are sound enough to ward off all forms of non-compliance.

Read more: Nigerian Crypto Transactions Get a Big Boost With Government Backing

Quidax and Busha Get SEC Approval

In perhaps the biggest step toward regulating the crypto space in Nigeria, the country’s SEC granted “in-principle approval” for two cryptocurrency exchanges, Quidax and Busha, sometime this year. That would make the respective platforms the first in the country to get such formal recognition from the SEC, hence a landmark for the country’s approach toward regulating digital currencies.

Agama further explained that the Nigerian SEC’s regulatory regime will contain strong provisions, like anti-money laundering and combating the financing of terrorism, to deal with any looming risk in crypto transactions. A more regulatory approach is thus intended toward market integrity and investor protection, considering that Nigeria’s cryptocurrency market is likely to be valued at USD 52.5 million by 2028.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.