Quidax, a popular African crypto exchange, has become the first to be licensed by the Nigerian Securities and Exchange Commission (SEC). This historical event is significant in the timeline of both Quidax and the crypto industry in Nigeria.
In a news release, Buchi Okoro, CEO of Quidax, expressed happiness on the development and praised the SEC.
“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,” said the CEO
Implications of Nigeria’s SEC Licensing Quidax
By obtaining this license from the country’s regulator, Quidax has validated its market operations and service delivery to Nigerian users. Also, this sets the pace for other African crypto exchanges to seek authorization for operating in the country.
For context, this licensing by the SEC is particularly pivotal due to the regulatory landscape in the country. Meanwhile, the Nigerian government and its regulators are taking steps to become pro-crypto.
In addition, a newly SEC-licensed Quidax can now collaborate with banks and other financial institutions in Nigeria. The Central Bank of Nigeria (CBN) will oversee this and Quidax operations in the country.
Quidax’s License Will Boost Crypto Adoption in Nigeria
Notably, the partnerships will foster crypto adoption in the country and attract more local crypto investors. Also, compliance with the CBN’s regulatory guidelines ensures security for the investors’ assets on the platform.
Quidax trading platform was established to make access to cryptocurrencies easier for African users. Since its inception, the exchange has made a name for itself in the crypto sector.
Its recent achievement of emerging as Nigeria’s pioneer exchange highlights its dedication to compliance, innovation and user satisfaction. As said by the CEO, “This is a big win for Nigeria’s embrace of crypto, and we are glad to be a part of this historical moment.”