Nigeria seeks stricter crackdown on unregulated crypto exchanges

The Nigerian SEC announced after the approval of two crypto exchanges that it intends to take stricter action against unregulated platforms.

Nigeria's securities and stock market watchdog has announced that it will soon take action against all unregulated crypto exchanges operating in the country, as well as other companies and individuals in the sector.

The agency unveiled its plan to enforce strict regulations on unlicensed crypto platforms. This was reported by local media company Nairametrics.

Dr. Emomotimi Agama, the chief executive officer of the Nigerian SEC, stated that there is a desire to take action against anyone who wants to be active in this market without the intention of being regulated: "We will not allow those who do not want to play by the rules to continue to operate in our country."

He highlighted measures for full transparency and combating money laundering and terrorist financing as essential components of oversight of the crypto sector. The committee's goal is to protect investors while promoting innovation.

The decision follows the recent preliminary approval of the two crypto exchanges Quidax and Busha. Dr. Agama explained that the approval of these platforms "stemmed from the need to create an inclusive financial system." This system must take into account the younger population's growing interest in digital assets.

Regulation of exchanges and service providers in the industry and the SEC's actions are also hot topics in the United States, as evidenced by the lawsuits with Coinbase and Ripple.