The post Nigeria’s SEC to start a crackdown on illegal crypto services appeared on BitcoinEthereumNews.com.

Nigeria, through its Securities Exchange Commission (SEC) is set to start a crackdown on individuals and firms operating outside the confines of its regulations including crypto exchanges, as part of efforts to protect investors and encourage innovation. This development comes barely a fortnight after the SEC granted licensing to Quidax and Busha as official crypto exchanges in the country. These two are the first exchanges to be licensed and operating under the SEC’s regulations, despite having other related businesses operating in the country. Nigeria seeks to support youth participation in a regulated environment SEC Director General Emomotini Agama revealed the country will be taking action against any individuals or firms that undertake cryptocurrency operations without regulatory approvals from the regulator. According to a local media outlet Nairametrics, the move aligns with the commission’s commitment to protect investors and other market participants in the crypto industry. “We are certainly going to commence enforcement actions on anyone who wants to operate in this market without the intention of being regulated,” said Agama. “For those that do not want to play by the books, we will not allow them to operate within our space.” Agama. Offenders are expected to pay penalties starting from 5 million Naira and additional daily charges for ongoing violations, as per the SEC’s warnings. Agama indicated that the latest authorization of Quidax and Busha as cryptocurrency exchanges was in line with the growing demand for digital assets by Nigeria’s youth. The move, therefore, is expected to enhance their participation in the industry in a safe environment. To support the youths in their participation in digital assets as well as create a level playfield, Agama emphasized the need to develop a clear regulatory framework that safeguards investors while promoting inventiveness. SEC’s regulation of the industry, Agama said will include checks…

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Filed under: News - @ September 9, 2024 8:21 pm