African-founded cryptocurrency exchange, Quidax, has announced that it has received a provisional operating license by Nigeria’s Securities and Exchange Commission (SEC) as a Digital Assets Exchange.
🇳🇬REGULATION | SEC Nigeria Approves 8 Digital Assets Exchanges and Offering Platforms Onto its Regulatory Incubation Program
The ‘Approval-in-Principle’ is a preliminary step toward full registration by the SEC, ensuring that appropriate protection and transparency measures are… pic.twitter.com/Fc1Y7J0y08
— BitKE (@BitcoinKE) August 29, 2024
The license, which was presented by the Securities and Exchange Commission, grants Quidax the permission to operate as a registered crypto exchange in Nigeria as the nation begins the formal recognition and much needed regulatory oversight, to the cryptocurrency industry.
In a press release shared with BitKE, Buchi Okoro, Co-founder and CEO of Quidax said:
“At Quidax, the customer is our priority, every decision we make is to ensure that customers transact on our platform easily, safely and with confidence. 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.”
The Quidax CEO further thanked Nigerian regulators for collaborating with industry players to craft guidelines that will drive innovation and build trust in the budding crypto ecosystem. Buchi says it marks a significant step in crypto and would enable Nigeria to leapfrog other countries when it comes to crypto regulation.
With the license granted by the Nigerian SEC, Quidax is now able to collaborate with banks and other financial institutions, subject to the Central Bank of Nigeria’s approval. This license also fosters trust in cryptocurrency and protection for crypto enthusiasts in Nigeria.
In an email sent out earlier today, Quidax thanked all of its customers and employees who have supported the business since the beginning. The email stated that this approval by the SEC could be equated to a shot of adrenaline for the Nigerian crypto community to push the envelope further as well as an acknowledgment of all the work employees put into safety, security and compliance. The email also restated Quidax’s unwavering commitment to innovation, security, and compliance.
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About Quidax
Quidax is an African-founded cryptocurrency exchange that makes it easy for anyone to buy, sell, store and transfer cryptocurrencies. Quidax additionally enables OTC trading and gives fintech companies the tools to offer cryptocurrency services to customers through a dedicated crypto API.
Quidax was officially launched in 2018 and has customers in more than 70 countries.
