Africa-Based Quidax Receives ‘Provisional Operating License’ from SEC in Nigeria

cryptonews.com:

Quidax, a cryptocurrency exchange founded in Africa, said it has become the first crypto exchange to receive a ‘provisional operating license’ from Nigeria’s Securities and Exchange Commission (SEC).

The license, issued by the SEC, will authorise Quidax to operate as a registered digital assets exchange in Nigeria.

The exchange said with this license, Quidax can now collaborate with banks and other financial institutions, subject to further approval from the Central Bank of Nigeria. This will help with the growth of the crypto industry while ensuring consumer protection and stability within the sector.

Buchi Okoro, the co-founder and CEO of Quidax, expressed his excitement about this milestone. He emphasized that customer satisfaction and safety are at the core of Quidax’s operations.

Okoro went on to praise the Nigerian SEC, led by Dr. Emomotimi Agama, for taking a progressive stance in regulating the crypto industry. He described the license as a “big win” for Nigeria’s crypto sector, underscoring the country’s forward-thinking approach to digital finance.

“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,” Okoro said.

Last week, it emerged OKX, a prominent cryptocurrency exchange, made the decision to discontinue services in Nigeria, citing recent changes in local laws and regulations.

This move follows similar exits by other major exchanges, such as Binance and KuCoin, marking another major shift in the Nigerian crypto landscape.

The Nigerian government tightening its grip on cryptocurrency operations has led to