Nigerian SEC Vows to Crack Down on Unlicensed Cryptocurrency Businesses Targeting Residents

This comes just two weeks after approving two crypto exchanges and promising to consider similar applications.

Nigerian SEC to Crack Down on Unlicensed Crypto Entities Targeting Nigerians

The Nigerian Securities and Exchange Commission (SEC) has vowed to crack down on unlicensed cryptocurrency businesses targeting Nigerians. This comes just two weeks after approving two crypto exchanges and promising to consider similar applications. The SEC aims to protect investors without hindering innovation.

Key Points:

The Nigerian Securities and Exchange Commission (SEC) has announced its intention to take enforcement actions against unlicensed crypto entities targeting Nigerian residents.

This announcement follows the SEC's recent approval of two digital asset exchanges and its openness to considering similar applications.

The SEC is keen on protecting investors while also encouraging innovation in the crypto space.

According to a report by Bitcoin.com News, the Nigerian Securities and Exchange Commission (SEC) has vowed to crack down on unlicensed cryptocurrency businesses targeting Nigerians.

The SEC's announcement comes less than two weeks after it approved two digital asset exchanges. As reported by Bitcoin.com News, the SEC stated that it would consider similar applications from other entities that applied for licenses under its Accelerated Regulatory Incubation Program (ARIP). However, the regulator cautioned residents against dealing with unlicensed entities.

In a new warning reportedly issued on September 8, SEC Director General Emomotimi Agama stated that the SEC will block unlicensed players from offering their products and services to Nigerian residents.

“We are certainly going to commence enforcement actions on anyone who wants to operate in this market without the intention of being regulated. For those that do not want to play by the books, we will not allow them to operate within our space,” Agama warned.

Agama further explained that while the regulator is keen on protecting investors, it wants to do this without stifling innovation. To achieve this balance, Agama believes Nigeria needs a clear regulatory framework and education for market participants not only to operate within the law but also to be well informed.

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