Nigeria’s SEC to Start Enforcement Actions Against Unregulated Crypto Firms

Last month, Nigeria granted licenses to cryptocurrency exchanges Quidax and Busha.

Nigeria’s Securities and Exchange Commission (SEC) is preparing to take enforcement measures against crypto firms operating without regulation.

The move aims to crack down on firms that fail to comply with the country’s regulatory requirements, Emomotimi Agama, the SEC’s Director General, said in a recent interview with local media.

“We will begin enforcement actions against anyone operating in this market without the intention of being regulated,” Agama stated.

Nigeria SEC Begins Issuing Licenses to Exchanges

Although Nigeria has taken a cautious approach to cryptocurrencies, the SEC recently began issuing licenses to compliant crypto firms.

Last month, it granted licenses to cryptocurrency exchanges Quidax and Busha.

Furthermore, the SEC has announced that five other firms have been admitted to test their business models and technologies under the SEC’s Regulatory Incubation Program (RI).