Nigerian SEC to Crack Down on Unregulated Crypto Exchanges

• Nigeria SEC is focused on protecting investors participating in the crypto sector.
• The SEC recently gave in-principle approvals to two crypto exchanges.
• The agency will focus on educating investors regarding crypto.

The digital asset trading platforms and individuals in Nigeria that are not complying with local laws will face action from the country’s securities regulator, the Securities and Exchange Commission (SEC), according to local media reports.

In a statement on Sunday, Director-General of SEC, Dr. Emomotimi Agama, confirmed that his agency is focused on protecting Nigerian investors against any kind of damage from individuals or entities catering services to the investors in the West African country. Agama added:

“We are certainly going to commence enforcement actions on anyone who wants to operate in this market without the intention of being regulated. For those that do not want to play by the books, we will not allow them to operate within our space.”

Read also: Nigeria Crypto Tax: New Regulations Coming in 2024

Approval for Two Platforms, More Scrutiny to Come

It is important to note that such a statement from the SEC’s DG co…

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