Yellow Card Crypto Exchange to Pursue Licensing Plans in Nigeria

Following the Central Bank of Nigeria's reversal of the cryptocurrency transaction ban for banks, Yellow Card Exchange, a Pan-African crypto trading platform, is actively seeking licensing in the nation.

Yellow Card to expand operations in Nigeria

Yellow Card Exchange, driven by its mission to dominate the African market, is actively exploring strategies to capitalize on the first-mover advantage through the pursuit of licensing. While being a key player in Africa, delivering experiences akin to Jack Dorsey's Cash App, Yellow Card has faced limitations in Nigeria due to regulatory uncertainties.

This scenario is set to shift, as affirmed by Ogochukwu Umeokafor, the exchange's Director of Product Management. In a phone interview with Bloomberg, Ogochukwu stated:

"You've waited for something and it has come true, and we'll jump on it immediately. We want a regulated environment because it'll help the business move; it will help people have more confidence in doing business with us."

Ogochukwu Umeokafor, Director of Product at

Yellow Card

Yellow Card Exchange has initiated the approval process with the Nigerian Securities and Exchange Commission (SEC). However, progress has reportedly been hindered as the company needed a functional corporate account, which was previously impossible under the CBN rule.

With the ban lifted, Nigerian commercial banks are now permitted to open accounts for Virtual Assets Service Providers (VASPs). Crypto traders can also operate without the fear of asset seizure, as was the norm before. Beyond Yellow Card Exchange, other trading platforms may enter the Nigerian market, capitalizing on the crypto-sal y population.

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