The Nigerian Securities and Exchange Commission (SEC) has granted operational approvals to two crypto exchanges, Busha Digital Limited and Quidax Technologies Limited, under its Accelerated Regulatory Incubation Program (ARIP).
This follows a crackdown on the crypto sector in 2024 after a ban on official transactions was lifted in December 2023.
The SEC also admitted five additional firms to its Regulatory Incubation Program to test their business models.
This initiative aims to ensure regulatory compliance and consumer protection as Nigeria seeks to regulate its burgeoning crypto market, which saw transactions totalling $56.7 billion from July 2022 to June 2023
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