Nigeria’s SEC announces it will take strict action against cryptocurrency exchanges that fail to comply with regulatory framework

According to Mars Finance, the Nigerian SEC is preparing to take action against individuals and cryptocurrency exchanges that do not comply with its regulatory framework. Local media Nairametrics reported that Emomotimi Agama, Director General of the Nigerian Securities and Exchange Commission (SEC), announced that severe action would be taken against cryptocurrency exchanges that do not comply with the regulatory framework. Agama stressed that the SEC will not allow platforms that are unwilling to be regulated to operate in the Nigerian market. Previously, the SEC had granted temporary licenses to Busha and Quidax, two digital asset exchanges, at the end of August, allowing them to begin operations under an accelerated regulatory incubation program. Agama said that the growing interest of young people in digital assets drove the decision, while emphasizing the importance of a clear regulatory framework, full disclosure of information, and anti-money laundering measures to protect investors and promote innovation.