Quidax, a Nigerian cryptocurrency exchange, has received provisional approval from the Nigerian Securities and Exchange Commission (SEC) to operate as a registered exchange.
About Quidax
Quidax is a cryptocurrency exchange based in Lagos, Nigeria, and operates in 50 other countries. The exchange was established in 2018, and as of April 5, 2024, it has approximately 600,000 users globally. The license will enable Quidax to offer its services officially throughout the region. Market watchers claim that the event will boost exchange adoption in Nigeria.
Additional News
On August 14, 2024, Todayq reported that the Lagos state government extended its plans to tokenize real estate on the blockchain, effectively turning properties into easily transferable NFTs. This move aims to boost internally generated revenue through the Eko Revenue Plus Summit. A key initiative outlined in the summit documents is the tokenization of real estate on the blockchain. On August 16, 2024, Nigerian law enforcement agencies detected cryptocurrencies worth $50 million. The authorities seized these funds after receiving secret information that they would be used to promote protests in the country. Approximately $38 million was blocked in four wallets. President Bola Tinubu and NSA Nuhu Ribadu reported that they successfully traced wallets containing cryptocurrencies worth about $50 million. In the last month of the first quarter of 2024, the Nigerian government reportedly demanded a fine of $10 billion from Binance for allegedly manipulating exchange rates. Following the implication of the fine, Binance was asked to produce data of the top 100 holders in the region, as well as all transaction history from the exchange over the last six months.
Crypto Market Status
The global crypto market capitalization is $2.06 trillion, with an intraday decline of 2.23%. For the past few weeks, the market cap has been tumbling below $2.10 trillion. Despite the negativity in market cap, trading volume grew by over 31%. The total volume in DeFi is currently $3.01 billion, which is 5.75% of the total crypto market 24-hour volume. The volume of all stablecoins is now $48.51 billion, which is 92.61% of the total crypto market 24-hour volume. At the time of writing, Bitcoin is trading at $58,438 with a monthly decline of 12.37%. However, over the past 52 weeks, the price of BTC has increased by 123.82%. The current trading price is below the 20, 50, 100, and 200-day EMAs. Ethereum prices continue to fall; at the time of writing, it is trading at $2,582 with a monthly decline of 29.26%. Following the approval of the Ether Spot ETF, the price and total addresses on the ETH blockchain saw a significant increase.
The provisional approval of Nigeria's SEC to Quidax could significantly impact the development of the cryptocurrency market in the region, increasing interest and attracting new users. It is essential to monitor the developments in the market.
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