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Homepage > News > Business > Nigeria’s SEC vows to crack down on unlicensed exchanges Nigeria’s Securities and Exchange Commission (SEC) has pledged to crack down on any unlicensed digital asset exchange, days after licensing the country’s first two exchanges. The regulator recently issued a statement warning exchanges to play by the rules, with chairman Dr. Emomotimi Agama reiterating the commission’s commitment to protecting investors. The SEC issued its first-ever exchange licenses to Busha Digital and Quidax this month, paving the way for a new chapter of digital asset regulation in Africa’s biggest economy. It marked a remarkable shift from the vicious crackdowns that the Nigerian government started the year with, which led to the shutdown of offshore exchanges like Coinbase (NASDAQ: COIN) and Binance and the arrest of the latter’s executives. “We are certainly going to commence enforcement actions on anyone who wants to operate in this market and does not have the intention of being regulated,” Agama said in a statement released to local media outlets. “We are sending this signal to all those who want to play by the books that they are welcome to our space. But for those that do not want to play by the books, of course we definitely will not allow them to operate within our space.” Agama added that the licenses were long overdue as the Nigerian youth have continued setting the pace in Bitcoin adoption despite the regulatory hurdles. Indeed, Nigeria has been a trailblazer in the digital asset space. A Chainalysis study published on Wednesday ranked it second for adoption globally, only losing out to India, which has held the top spot for two consecutive years. It was the only African nation in the top 20, with other perennial inclusions like Kenya falling off over the past year. “All…

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Filed under: News - @ September 24, 2024 3:20 am