Quidax Becomes First crypto Exchange to Receive License in Nigeria

Quidax, a cryptocurrency exchange founded in Africa, has made history by becoming the first crypto exchange to receive a ‘provisional operating license’ from Nigeria’s Securities and Exchange Commission (SEC). This significant milestone is a major leap forward for the crypto industry in Nigeria.

‘Big Win for Nigeria’s Embrace of crypto’

Buchi Okoro, the co-founder and CEO of Quidax, expressed his excitement about the license and emphasized that customer satisfaction and safety are top priorities for the exchange. He commended the Nigerian SEC, led by Dr. Emomotimi Agama, for their progressive approach to regulating the crypto sector.

Okoro described the license as a “big win” for Nigeria’s crypto industry, highlighting the country’s forward-thinking attitude towards digital finance. He praised the SEC for bringing order, confidence, and investor protection to the industry, setting a positive precedent for the future.

Nigerian Government Tightens Grip on crypto Operations

Recent regulatory changes in Nigeria have prompted some prominent cryptocurrency exchanges to discontinue their services in the country. OKX, binance, and KuCoin are among the exchanges that have made the decision to exit the Nigerian market due to increased regulatory scrutiny.

The Nigerian government’s tightening grip on crypto operations has resulted in a significant reshaping of the crypto landscape in the country. Despite these challenges, Nigeria remains a key player in the African crypto market, attracting significant investment and interest from both local and international players.

Chainalysis data indicates that African countries received a substantial amount of bitcoin transactions between July 2022 and June 2023, with Nigeria standing out as the largest crypto market in the region. This growth underscores the increasing importance of cryptocurrency in Africa and the potential for further expansion in the future.