The Securities and Exchange Commission (SEC) of Nigeria this week granted licenses of different categories to seven cryptocurrency exchanges, allowing them to operate as regulated Virtual Asset Service Providers.
Crypto Exchange Licensing
According to the regulator overseeing registration and operations in the capital markets, two of these crypto companies have been granted 'Approval-in-Principle' to commence operations under the Accelerated Regulatory Incubation Program (ARIP), while five others have been admitted to test their models and technology under the SEC’s Regulatory Incubation (RI) Program. One of the two crypto exchanges granted approval in principle is Busha, a local crypto exchange operating for over five years.
Busha's History and Achievements
Busha was founded in 2019 by Michael Adeyeri (CEO) and Moyo Sodipo (CPO) as a cryptocurrency exchange offering trading and asset management for all types of users. The company prides itself on providing a secure and user-friendly environment for trading and managing digital assets. To date, Busha has over 500,000 verified users, a 150 percent increase from the 200,000 users in 2021. The company also offers features like BushaSave, where users can earn up to 10 percent monthly interest on their cash and crypto assets.
Future of the Company
Despite stricter regulations and the collapse of several crypto exchanges in the country, such as Binance and KuCoin, Busha continues to thrive. The company declares its commitment to maintaining the highest standards of security and transparency. 'Busha promises to remain committed to building a more secure and compliant digital asset ecosystem in Nigeria and across Africa, ensuring that Nigerians and other Africans can trade with confidence and peace of mind.'
Busha, one of the first licensed crypto exchanges in Nigeria, continues to develop the digital asset market by providing a secure and compliant platform for its users.
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