**Nigeria SEC Tightens Crypto Marketing Rules**

The Nigerian SEC has updated its crypto regulations, targeting marketing practices by Virtual Asset Service Providers (VASPs) and social media influencers. VASPs must now secure prior approval from the SEC for third-party promotions, ensuring compliance with marketing standards.

Influencers, dubbed "Finfluencers," must obtain a "no-objection authorization" before promoting digital assets and verify the licensing of the companies they endorse. They must also disclose any payments received for promotions, with penalties for non-compliance including fines or jail time.

These measures aim to curb unauthorized financial promotions and will be enforced starting June 30, 2025. Currently, only two exchanges, Quidax Technologies and Busha Digital, are regulated in Nigeria. The SEC plans to crack down on unregulated crypto activities.