Quidax, a cryptocurrency exchange established in Africa, announced that it has become the first cryptocurrency exchange to receive a “provisional operating license” from the Nigerian Securities and Exchange Commission (SEC).
The license, issued by the SEC, will authorize Quidax to operate as a registered digital asset exchange in Nigeria.
The exchange said that with this license, Quidax can now work with banks and other financial institutions, subject to further approval from the Central Bank of Nigeria. This will help the cryptocurrency industry grow, while ensuring consumer protection and stability in the sector.
“Nigeria’s big win in cryptocurrency adoption”
Buchi Okoro, co-founder and CEO of Quidax, expressed his excitement about this milestone. He stressed that customer satisfaction and security are at the core of Quidax’s business.
Okoro praised the Nigerian SEC, led by Dr. Emomotimi Agam, for taking a progressive stance in regulating the cryptocurrency industry. He described the license as a “great victory” for Nigeria’s cryptocurrency sector, highlighting the country’s innovative approach to digital finance.
“We praise the SEC under the leadership of Dr. Emomotimi Agam for taking a bold step to bring order, trust and investor protection to our industry. This is a great victory for Nigeria on cryptocurrencies and we are happy to be part of this historic moment,” – Okoro said.
Nigerian government tightens control over cryptocurrency operations
Last week it was revealed that OKX, a well-known cryptocurrency exchange, has decided to discontinue its services in Nigeria, citing recent changes in local laws and regulations. This move follows similar exits by other major exchanges such as Binance and KuCoin, marking another major shift in the Nigerian cryptocurrency landscape.
The Nigerian government’s tightening control over cryptocurrency operations has led to the departure of several large exchanges from the country.
Nigeria remains the largest cryptocurrency market in Africa south of the Sahara. Chainalysis estimates that African countries collectively received $117 billion worth of Bitcoins between July 2022 and June 2023.
