- First Provisional SEC License in Nigeria
- Comments from Quidax Co-founder and CEO
- Impact of the License on Nigeria's Crypto Market
The African-founded cryptocurrency exchange, Quidax, announced that it has become the first crypto exchange to receive a provisional operating license by Nigeria’s Securities and Exchange Commission (SEC) as a Digital Assets Exchange.
First Provisional SEC License in Nigeria
The license, presented by the Securities and Exchange Commission, grants Quidax the permission to operate as a registered crypto exchange in Nigeria, marking the beginning of formal recognition and much-needed regulatory oversight in the cryptocurrency industry.
Comments from Quidax Co-founder and CEO
Quidax Co-founder and CEO Buchi Okoro highlighted that the company's priority is the customer, ensuring that every decision enhances their transaction experience in terms of safety, ease, and confidence. He also commended the SEC under the leadership of Dr. Emomotimi Agama for their efforts to bring order and investor protection to the industry. 'This is a big win for Nigeria’s embrace of crypto, and we are glad to be a part of this historical moment,' he said.
Impact of the License on Nigeria's Crypto Market
With the SEC license, Quidax can now collaborate with banks and other financial institutions, subject to Central Bank of Nigeria’s approval. This license also fosters trust in cryptocurrency and provides protection for crypto enthusiasts in Nigeria. In a letter sent earlier today, Quidax expressed gratitude to its customers and employees for their support since the company's inception. The letter emphasized that the SEC approval acts as a motivator for the Nigerian crypto community to push forward and acknowledged the employees' dedication to safety, security, and compliance.
The provisional SEC license granted to Quidax is a significant development that will positively impact the regulation and growth of the cryptocurrency market in Nigeria.
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