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Quidax, a leading cryptocurrency exchange founded in Africa, has made history by becoming the first crypto exchange to secure a provisional operating license from Nigeria’s Securities and Exchange Commission (SEC). This milestone positions Quidax as a registered digital assets exchange in Nigeria, underscoring its pivotal role in the nation’s rapidly evolving crypto industry.
The provisional license grants Quidax the authorization to operate within Nigeria’s regulated financial environment, enabling the exchange to collaborate with banks and other financial institutions. This move is seen as a significant step towards the formal integration of cryptocurrency into Nigeria’s financial ecosystem, pending further approval from the Central Bank of Nigeria (CBN). The development is expected to bolster the growth of the crypto sector in the country while enhancing consumer protection and ensuring industry stability.
Buchi Okoro, co-founder and CEO of Quidax, expressed his enthusiasm for this achievement, emphasizing the company’s dedication to customer safety and satisfaction. He lauded the Nigerian SEC, particularly under the leadership of Dr. Emomotimi Agama, for its progressive stance on crypto regulation, describing the license as a “major victory” for Nigeria’s embrace of digital finance.
“We commend the SEC, under the guidance of Dr. Emomotimi Agama, for taking bold steps to bring order, confidence, and investor protection to our industry. This is a significant win for Nigeria’s crypto adoption, and we are proud to be part of this historic moment,” Okoro stated.
Quidax’s achievement comes amid a complex relationship between the Nigerian SEC and the cryptocurrency sector. Despite the SEC’s cautionary stance in June 2023 regarding the risks associated with crypto investments, the issuance of this license signals a move towards a more structured and regulated future for cryptocurrency in Nigeria.
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