Would you like to receive notifications on latest updates of the following headlines?

Cryptocurrency: SEC cautions investors against illegitimate exchanges

POSTED ON September 10, 2024 •   Business      BY Benedicta Bassey
Binance l Photo Credit: cryptopolitan

The Securities and Exchange Commission (SEC) has stressed that only approved and endorsed digital exchanges and platforms will be authorised to carry out the business of cryptocurrency trading in Nigeria.

This information was obtained from the commission's website on Tuesday.

The commission warned the public against dealing with illegal operators without approval under the Accelerated Regulatory Incubation Programme (ARIP) or the Regulatory Incubation Programme (RI).

The SEC emphasised that ARIP and RI remained the only avenues for well-intentioned entities to legitimately introduce their digital products and services to the Nigerian capital market.

The commission however advised intending investors to always confirm credibility via the SEC information portals.

The statement read in part: “Intending investors are also reminded to always confirm from the various SEC information portals whether entities purporting to provide investment services are legally empowered to do so."

The capital market regulator had introduced the ARIP to strategically onboard firms that had commenced operations before the release of the Rules on Virtual Asset Service Providers in May 2022.

The RI programme was created to assess the business models of digital asset firms and test innovative products, services and technology in a real-time market environment under close supervision by the SEC, the regulator said.

Last week, the SEC approved in principle two digital asset exchanges, Busha Digital Limited and Quidax Technologies Limited, and admitted five firms to test their models and technology under the RI programme.

The Director-General of SEC, Dr Emomotimi Agama, attributed the recent approval of two cryptocurrency exchanges to the growing enthusiasm among young Nigerians for digital assets.

He underlined the need for a transparent regulatory framework that safeguards investors while fostering innovation.

READ ALSO
Nigeria's Debt Soars: To exceed N155 Trillion by 2025 amidst economic strain
BY Abiodun Saheed Omodara March 21, 2025 0

The United Nations Conference on Trade and Development (UNCTAD) has indicated that many countries, p...

READ ALSO
Petrol prices at risk of increase as Dangote refinery suspends Naira sales
BY Abiodun Saheed Omodara March 20, 2025 0

ABUJA, NIgeria - The cost of Premium Motor Spirit (PMS), commonly referred to as petrol, may increas...

READ ALSO
Afreximbank urges fiscal discipline as Africa's bebt hits $1.2trillion
BY Abiodun Saheed Omodara March 17, 2025 0

With Africa's total debt reaching $1.2 trillion, Afreximbank has emphasized the necessity for govern...

READ ALSO
Nigeria's response to WTO obligations, AfCFTA opportunities for foreign investment
BY Abiodun Saheed Omodara March 16, 2025 0

In light of Nigeria's previous commitment to the World Trade Organisation (WTO) global trade agreeme...

READ ALSO
Tinubu highlights need for economic reform to protect future generations
BY Abiodun Saheed Omodara March 14, 2025 0

ABUJA, Nigeria - President Bola Tinubu emphasizes that the purpose of his administration's economic...

READ ALSO
PDP slams Niger governor for regret amid economic decline
BY Abiodun Saheed Omodara March 13, 2025 0

MINNA , Nigeria - The opposition Peoples Democratic Party (PDP) has ridiculed Governor Moh...

READ ALSO
Nigeria unveils comprehensive economic strategy to drive sustainable development
BY Abiodun Saheed Omodara March 11, 2025 0

ABUJA, Nigeria - The Federal Government, represented by the Minister of Finance and Coordinating Min...

READ ALSO
Tax reform bills sparks controversy among stakeholder
BY Abiodun Saheed Omodara March 11, 2025 0

The recently concluded public hearing on the proposed tax reform bills has sparked debates among sta...

OUR CHANNELS:

NDPC launches investigation into TikTok, Truecaller data breaches
BY Abiodun Saheed Omodara March 22, 2025 0

Nigeria Data Protection Commission (NDPC) has commenced an investigation into alleged data breaches...


10 Dead, 30 injured in truck explosion as community mobilizes for blood donations
BY Abiodun Saheed Omodara March 22, 2025 0

ABUJA, Nigeria - The Emergency Management Department (FEMD) of the Federal Capital Territory (FCT) h...


Nigeria's Debt Soars: To exceed N155 Trillion by 2025 amidst economic strain
BY Abiodun Saheed Omodara March 22, 2025 0

The United Nations Conference on Trade and Development (UNCTAD) has indicated that many countries, p...


Transforming Nigeria's Gaming Landscape: GamrLab opens training center in Lagos
BY Abiodun Saheed Omodara March 22, 2025 0

LAGOS, Nigeria - A new center for video game development and esports training established by GamrLab...


NYSC members to receive New Monthly allowance of N77,000 starting March 2025
BY Abiodun Saheed Omodara March 22, 2025 0

ABUJA, Nigeria - The Director-General of the National Youth Service Corps (NYSC), Brigadier General...


FG eases NYSC mobilization criteria for Full-Time HND graduates
BY Abiodun Saheed Omodara March 21, 2025 0

ABUJA, Nigeria - The Federal Government has declared that all full-time Higher National Diploma (HND...


Cataracts and Glaucoma: Key causes of blindness in Plateau- Health Commissioner
BY Abiodun Saheed Omodara March 22, 2025 0

The health commissioner of Plateau, Nicholas Baamlong, has announced that the state has a blindness...


Nigeria takes stand against antimicrobial Resistance as experts call for immediate action
BY Abiodun Saheed Omodara March 20, 2025 0

ABUJA, Nigeria   (NAN) - Amid growing worries regarding antimicrobial resistance, health p...


Super Eagles to breaking 20-Year winless streak against Rwanda ahead of World Cup Qualifier
BY Abiodun Saheed Omodara March 20, 2025 0

With just a day remaining before the pivotal 2026 FIFA World Cup qualifying match at the Amahoro Sta...


Land Registration Crisis: Over 90% of land unregistered, causing $300bn in economic losses
BY Abiodun Saheed Omodara March 22, 2025 0

ABUJA, Nigeria - The Minister of Housing and Urban Development, Ahmed Dangiwa, has pointed out that...


More Articles

Load more...

Menu