Africa-Based Quidax Receives ‘Provisional Operating License’ from SEC in Nigeria

Quidax, a cryptocurrency exchange founded in Africa, said it has become the first crypto exchange to receive a ‘provisional operating license’ from Nigeria’s Securities and Exchange Commission (SEC).

The license, issued by the SEC, will authorise Quidax to operate as a registered digital assets exchange in Nigeria.

The exchange said with this license, Quidax can now collaborate with banks and other financial institutions, subject to further approval from the Central Bank of Nigeria. This will help with the growth of the crypto industry while ensuring consumer protection and stability within the sector.

‘Big Win for Nigeria’s Embrace of Crypto’

Buchi Okoro, the co-founder and CEO of Quidax, expressed his excitement about this milestone. He emphasized that customer satisfaction and safety are at the core of Quidax’s operations.

Okoro went on to praise the Nigerian SEC, led by Dr. Emomotimi Agama, for taking a progressive stance in regulating the crypto industry. He described the license as a “big win” for Nigeria’s crypto sector, underscoring the country’s forward-thinking approach to digital finance.

“We commend the SEC under the leadership of Dr. Emomotimi Agama for taking the bold step to bring order, confidence, and investor protection to our industry. This is a big win for Nigeria’s embrace of crypto, and we are glad to be a part of this historical moment,” Okoro said.

Nigerian Government Tightens Grip on Crypto Operations

Last week, it emerged OKX, a prominent cryptocurrency exchange, made the decision to discontinue services in Nigeria, citing recent changes in local laws and regulations.

This move follows similar exits by other major exchanges, such as Binance and KuCoin, marking another major shift in the Nigerian crypto landscape.

The Nigerian government tightening its grip on cryptocurrency operations has led to the departure of several major exchanges from the country.

Nigeria remains the biggest crypto market in Africa south of the Sahara. Chainalysis estimates that African countries collectively received $117 billion worth of Bitcoin between July 2022 and June 2023.