Nigeria SEC Targets Unregulated Crypto Firms for Action

Nigeria's Securities and Exchange Commission (SEC) has announced plans to take enforcement action against unregulated cryptocurrency firms operating within the country. 

The agency aims to send a clear message that those who do not comply with regulatory requirements will not be allowed to target Nigerian citizens, according to Emomotimi Agama, the agency’s Director General, in a statement reported by local media on Sunday.

“We are certainly going to commence enforcement actions on anyone who wants to operate in this market and does not have the intention of being regulated," Agama stated. Despite a relatively strict stance on crypto, Nigeria has begun issuing licenses to cryptocurrency firms, with Quidax and Busha being among the first to receive them.

Previously, Nigeria had taken steps to block certain exchanges, though Coinbase responded to claims of inaccessibility, stating that its services remained available in the country. In March, the Nigerian government also released guidelines aimed at preventing criminal entities from registering as operators in the crypto space.

Currently, Nigeria is involved in an ongoing legal battle against Binance and two of its executives, one of whom has been detained for over six months and is seeking bail due to severe illness.

Agama highlighted that the SEC's enforcement actions are designed to protect the market without stifling innovation, noting, "All this we seek to do without hindering innovation because part of our primary responsibility as the SEC is market development."