Nigeria’s SEC will take legal action against crypto exchanges and investors operating outside its regulatory framework.
The approval of Quidax and Busha reflects the growing interest in digital assets among Nigerian youth.
Nigeria’s SEC has planned to take legal action against crypto exchanges and investors. Those who fail to abide by their regulatory frameworks. Nairametrics, a local Nigerian media has reported that Dr. Emomotimi Agama, the SEC Director-General is emphasizing that the committee is determined to protect investors.
Similarly, in July, the Nigerian SEC mandated that virtual asset service providers (VASPs) must be incorporated and maintain an office in Nigeria. This is to qualify for the Accelerated Regulatory Incubation Programme (ARIP), which is designed to onboard VASPs in the country. This is also applied to crypto exchanges that are operating in the country outside its regulations.
The SEC DG said,
“We are certainly going to commence enforcem
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