Nigeria to Crack Down on Unregulated Cryptocurrency Activities

Nigeria's regulatory authority for securities is planning to take legal action against those involved in cryptocurrency activities that are not properly regulated.

Emomotimi Agama, the head of the SEC, announced that the commission will target businesses and individuals engaging in crypto transactions without official approval, as reported by Nairametrics on September 9.

Agama emphasized that the SEC’s goal is to ensure investor protection and maintain market integrity. He indicated that entities operating outside of regulatory guidelines will be prohibited from continuing their activities.

This initiative follows the SEC’s recent decision to grant provisional licenses to two local crypto exchanges, Busha Digital and Quidax Technologies, making them the first officially sanctioned exchanges in Nigeria.

The move reflects Nigeria’s growing interest in digital assets, especially among younger demographics. Agama highlighted the need for a clear regulatory framework that balances investor protection with fostering innovation. The SEC will also enforce compliance with anti-money laundering and anti-terrorism financing regulations.