BlockBeats reported that on September 9, according to local media Nairametrics, the Director of the Nigerian Securities and Exchange Commission, Emomotimi Agama, announced on Sunday that he would take action against individuals and cryptocurrency exchanges that did not comply with its regulatory framework and promised to protect investors.
Less than two weeks ago, the Nigerian SEC issued provisional approvals to two digital asset trading platforms, Busha and Quidax. The provisional licenses allowed the two companies to begin operations under an accelerated regulatory incubation program.
Despite the regulatory efforts of the Nigerian SEC, many cryptocurrency trading platforms may still be operating in Nigeria without explicit approval. The Nigerian SEC has issued a warning against working with these unapproved entities, highlighting the considerable number of such businesses in the country.
