The Securities and Exchange Commission (SEC) has announced its intention to begin enforcing regulatory actions against individuals and business entities, including cryptocurrency exchanges, that are operating outside of its regulations in the country.
Dr. Emomotimi Agama, the Director-General of SEC, disclosed this in a statement on Sunday, reaffirming the commission’s dedication to safeguarding investors.
This development comes just two weeks after the regulator granted approval in principle to two cryptocurrency exchanges—Quidax and Busha—making them the first and only exchanges currently under SEC’s oversight.
While numerous exchanges are active within the country, these two platforms are the only ones formally operating within the framework of the commission’s regulations.
Dr. Agama emphasized the SEC’s resolve to crack down on unregulated players in the cryptocurrency market, asserting that the commission will not hesitate to take action against entities that do not comply with regulatory standards.
READ ALSO:
Stanbic IBTC Announces N25.9 Billion Interim Dividend Payout to Shareholders
He stated, “We are prepared to take enforcement actions against anyone seeking to operate in this space without adhering to our regulations. We will not permit those unwilling to follow the rules to continue operating in our market.”
The Director-General noted that the decision to approve the two crypto exchanges was driven by the growing interest in digital assets among young Nigerians. Recognizing this trend, the SEC is working to strike a balance between fostering innovation and ensuring investor protection through clear regulatory frameworks.
Dr. Agama further stressed that the SEC’s regulatory approach in the cryptocurrency sector would be rooted in transparency and accountability.
Full disclosure by market participants, anti-money laundering (AML) protocols, and measures to combat the financing of terrorism (CFT) are core components of the commission’s oversight in this rapidly evolving space.
These safeguards are crucial, he said, to protecting investors while supporting the responsible development of the digital asset market.
As the cryptocurrency landscape in the country continues to evolve, the SEC’s latest moves signal its commitment to creating a secure and well-regulated environment for both innovators and investors.
Discover more from Scoop Hub
Subscribe to get the latest posts sent to your email.
