By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

BTCRepublic: Timely News & Analysis for Smarter Trading.

  • ABOUT
  • DISCLAIMER
  • CONTACT
New Logo Black BTCRepublic BTCRebpublic-New White Logo
  • Guides
    • Bitcoin
    • Ethereum
    • Altcoins
    • Blockchain
    • DeFi
    • Mining
    • NFTs
    • Wallets
  • News
    • Bitcoin News
    • Ethereum News
    • Altcoins News
    • NFT News
    • Memecoin News
    • Blockchain News
    • Stablecoins News
    • DeFi News
  • Reviews
    • Exchanges
    • Wallets
    • Casinos
    • Services
  • Price Predictions
    Price PredictionsShow More
    Ethereum Price Prediction 2024, 2025
    Ethereum Price Prediction 2024, 2025: What to Expect for ETH by 2030
    November 14, 2024
    Bitcoin Price Rises To $78k
    Bitcoin Price Rises To $78k After China Announced Stimulus Packages
    September 24, 2024
    Ethereum (ETH) Surged 15%
    Ethereum (ETH) Surged 15% In 7 Days Despite Whale Selloff
    September 23, 2024
    Worldcoin (WLD) Price Surged 16% As OpenAI Drops New AI Model
    Worldcoin (WLD) Price Surged 16% As OpenAI Drops New AI Models
    September 13, 2024
    Bitcoin (BTC) Falls Today Below $55,000
    Why Did Bitcoin (BTC) Price Fall Today Below $55,000?
    September 6, 2024
  • About US
  • Privacy Policy
  • Editorial Policy
  • Terms of Service
  • Disclaimer
  • Contact Us
Reading: Quidax Becomes the First Licenced Crypto Exchange in Nigeria
Share
  • bitcoinBitcoin(BTC)$106,140.28
  • ethereumEthereum(ETH)$2,556.37
  • tetherTether(USDT)$1.00
  • rippleXRP(XRP)$2.18
  • binancecoinBNB(BNB)$648.40
  • solanaSolana(SOL)$148.67
  • usd-coinUSDC(USDC)$1.00
  • dogecoinDogecoin(DOGE)$0.170747
  • staked-etherLido Staked Ether(STETH)$2,550.82
  • tronTRON(TRX)$0.274766
Font ResizerAa
BTCRepublicBTCRepublic
  • Guides
  • News
  • Reviews
  • Price Predictions
Search
  • Guides
    • Bitcoin
    • Ethereum
    • Altcoins
    • Blockchain
    • DeFi
    • Mining
    • NFTs
    • Wallets
  • News
    • Bitcoin News
    • Ethereum News
    • Altcoins News
    • NFT News
    • Memecoin News
    • Blockchain News
    • Stablecoins News
    • DeFi News
  • Reviews
    • Exchanges
    • Wallets
    • Casinos
    • Services
  • Price Predictions
Follow US
  • About US
  • Privacy Policy
  • Editorial Policy
  • Terms of Service
  • Disclaimer
  • Contact Us
© 2024 All Rights Reservered by BTCRepublic.
BTCRepublic > News > Exchanges News > Quidax Becomes the First Licenced Crypto Exchange in Nigeria
Exchanges News

Quidax Becomes the First Licenced Crypto Exchange in Nigeria

Hassan
Last updated: October 28, 2024 3:17 pm
Hassan
Published: August 19, 2024
Share
Disclosure: BTCRepublic provides analysis and forecasts but does not offer investment advice. Our content is for informational purposes only. Please conduct your own thorough research and consult with a financial advisor before making any investment in cryptocurrency.
Quidax Becomes the First Licenced Crypto Exchange in Nigeria
Highlights
  • Quidax has become the first crypto exchange to obtain a ‘provisional operating license’ from the Securities and Exchange Commission of Nigeria.
  • Nigeria is a major player in the cryptocurrency ecosystem.
  • Stringent laws have led to the exit of several crypto exchanges from Nigeria’s financial system

Nigeria’s thriving crypto space just added another milestone as Quidax becomes the first crypto exchange to be provisionally licensed in the country of over two hundred million inhabitants, and Africa’s most populous country.

Contents
 Shot of AdrenalineIncreased CollaborationLower than Expected Infux of Crypto Capital

This laudable milestone is expected to be a morale boost for other domestic exchanges seeking to be licensed in one of Africa’s top economies. Quidax was founded in Africa. 

 Shot of Adrenaline

The company describes its pioneering provisional license as a “shot of adrenaline” for Nigeria’s cryptocurrency community. It also says the Commission’s policy will help the industry innovate and expand further.

“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,”

These are the words of an elated Buchi Okoro, Co-founder and CEO of Quidax while praising the SEC for its landmark approval. He declared that safety and customer satisfaction remain core priorities at Quidax.

The SEC policy comes at a time of increased backlash over laws perceived as anti-cryptocurrency in the country.

The well-publicized conflict between Binance, one of the world’s top exchanges and Nigeria’s regulators has led to the halting of Binance operations in Nigeria. Tigran Gambaryan, a Binance official is also currently under detention in the country.

JUST IN: SEC bans Binance operation in Nigeria, declares it illegal entity https://t.co/xV5dMmCclX

— Peoples Gazette (@GazetteNGR) June 10, 2023

Some other crypto exchanges that have exited Nigeria’s finance system due to perceived unfavourable regulatory climate include, OKX and KuCoin.

Increased Collaboration

With this development, Quidax now has an opportunity for enhanced collaboration with Nigeria’s other financial institutions, including banks, albeit the new SEC rule still has to be approved by Nigeria’s Central Bank.

The licensing comes on the heel of broad regulatory changes covering areas such as Exchange and Custody, Digital Asset Issuance, and Offering Platforms.

Notably, the SEC’s regulatory modifications include a novel Accelerated Regulatory Incubation Programme (ARIP). The Programme aims to assist virtual assets service providers (VASPs) achieve compliance with new rules.

Lower than Expected Infux of Crypto Capital

Even with the high rate of cryptocurrency adoption in Nigeria, the expected increase in foreign crypto investment has not exactly been the case. This is one area where the SEC’s approval for Quidax can be impactful. It can help bring about greater stability and security for both foreign and local investors.

Nigeria is one of Africa’s top crypto markets. According to Chainalysis, African countries collectively received Bitcoin estimated at  $117 billion from July 2022 to June 2023.

Ripple CEO Brad Garlinghouse Confirms USD-Pegged Stablecoin Set for Launch
NFTs 101: A Beginners Guide to Creating Digital Collectibles
Bitcoin For Beginners – What To Know About Bitcoin
MicroStrategy’s “21/21 plan” Aims To Generate $42 Billion To Expand Its Bitcoin Holdings
How to Invest In Bitcoin 2024: Empower the Crypto World
TAGGED:Crypto

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Email Print
Hassan Raza
ByHassan
Follow:
Hassan, a medical doctor by profession, resides in Ireland. However, his passion lies in writing about finance, technology, and cryptocurrencies during his spare time. While he has written numerous articles in the medical field, crypto captivates him far more.
Previous Article Meta Rubbishes ACCC’s Crypto Ad Claims on Facebook Meta Rubbishes ACCC’s Crypto Ad Claims on Facebook
Next Article How to Buy Bitcoin with Gift Card Buy Bitcoin with Gift Card 101: Convert Your Cards into Crypto
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular
The Hottest Picks
Exchanges News
Robinhood Develops Blockchain-Powered Platform To Trade US Securities in Europe
May 10, 2025
Stablecoins News
Global Stablecoin Boom? Stripe’s New System Says Yes
May 10, 2025
News
Market Chaos? Crypto Fear & Greed Index Dives to Trump Election Levels!
December 23, 2024
News
Trump Taps Crypto Ally Steven Miran to Shake Up Economic Policy
December 23, 2024

Follow Us on Socials

BTCRepublic use social media to react to hot news, update supporters and share authentic and factful information

Facebook Twitter Linkedin Telegram Pinterest
Footer Text white background

Subscribe to our newsletter

Stay ahead of the curve with the BTCRepublic newsletter. By subscribing, you will get information about what is happening in the Web3 world straight to your inbox.

More

  • About US
  • Privacy Policy
  • Editorial Policy
  • Terms of Service
  • Disclaimer
  • Contact Us
Reading: Quidax Becomes the First Licenced Crypto Exchange in Nigeria
Share
© 2024 All Rights Reserved by BTCRepublic
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?