Sep 10, 01:45 AM

Nigeria SEC to Crack Down on Unlicensed Crypto Exchanges

The Securities and Exchange Commission (SEC) of Nigeria has announced plans to initiate enforcement actions against unregulated cryptocurrency operators. Director-General Emomotimi Agama stated that the new regulations aim to protect investors and promote innovation within the rapidly growing sector. The SEC has reiterated that only approved digital exchanges and platforms are legally authorized to conduct crypto trading. As part of these efforts, the SEC has granted licenses to Busha Digital and Quidax Technologies, marking them as the first officially recognized crypto exchanges in Nigeria. The market is projected to reach $52.5 million by 2028, underscoring the importance of regulatory oversight. The SEC is ramping up enforcement and cracking down on unlicensed crypto exchanges.