Nigeria’s Securities and Exchange Commission (SEC) is set to take enforcement measures against individuals and businesses involved in unregulated cryptocurrency activities. Emomotimi Agama, the director-general of Nigeria’s SEC, announced the country's intention to crack down on entities offering cryptocurrency services without proper regulation. The SEC's focus is on safeguarding investors, particularly those in the crypto sector. Recently, the SEC granted provisional operating licenses to two local crypto exchanges, Busha Digital and Quidax Technologies, marking them as the only officially supervised exchanges in Nigeria. The regulatory framework includes measures to combat money laundering and terrorism financing. Nigeria's approach to cryptocurrency regulation has been inconsistent, with the Central Bank initially banning crypto transactions before lifting the ban and imposing new restrictions. Despite challenges, the country's crypto market continues to attract interest and scrutiny from global players like Binance. Read more AI-generated news on: https://app.chaingpt.org/news

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