Quidax Becomes First African Crypto Exchange to Secure Provisional Operating License from Nigerian SEC
Quidax, a cryptocurrency exchange founded in Africa, has announced that it is the first crypto exchange to receive a ‘provisional operating license’ from Nigeria’s Securities and Exchange Commission (SEC).
This license authorizes Quidax to operate as a registered digital assets exchange in Nigeria, marking a significant milestone for the company and the country’s burgeoning crypto industry.
With this license, Quidax is now positioned to collaborate with banks and other financial institutions, pending further approval from the Central Bank of Nigeria (CBN). This development is expected to foster the growth of the crypto sector in Nigeria while ensuring consumer protection and industry stability.
Buchi Okoro, the co-founder and CEO of Quidax, expressed his excitement about this achievement, highlighting the company’s commitment to customer satisfaction and safety. He also praised the Nigerian SEC, led by Dr. Emomotimi Agama, for its forward-thinking approach to regulating the crypto industry, calling the license a “big win” for Nigeria’s embrace of 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 stated.
Quidax’s licensing achievement comes at a time when the relationship between the Nigerian SEC and the crypto sector remains complex. Despite the SEC’s June 2023 warning about the risks associated with crypto investments, the issuance of this license suggests a more structured and regulated future for cryptocurrency in Nigeria.
