Nigeria’s SEC to Begin Enforcement Action Against Unregulated Cryptocurrency Firms
Last month, Nigeria granted licenses to cryptocurrency exchanges Quidax and Busha.
The Nigerian Securities and Exchange Commission (SEC) is preparing to take enforcement action against cryptocurrency firms operating without regulation.
The move is aimed at cracking down on firms that do not comply with the country’s regulatory requirements, SEC Director-General Emomotimi Agama said in a recent interview with local media.
“We will begin enforcement action against anyone operating in this market without the intention of being regulated,” Agama stated.
Nigerian SEC Begins Issuing Licenses to Exchanges
While Nigeria has taken a cautious approach to cryptocurrencies, the SEC has recently begun issuing licenses to compliant cryptocurrency firms.
Last month, it granted licenses to cryptocurrency exchanges Quidax and Busha.
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In addition, the SEC announced that five other companies have been approved to test their business models and technologies under the SEC’s Regulatory Incubation (RI) Program.
