Quidax has become the first cryptocurrency exchange in Nigeria to receive a provisional operating license from the Securities and Exchange Commission (SEC). 

This license marks a significant milestone in Nigeria's efforts to regulate its rapidly growing cryptocurrency sector. With this approval, Quidax is now officially recognised as a Digital Assets Exchange. The decision to give its first license signals the SEC’s formal acknowledgment of cryptocurrencies and the importance of implementing regulatory oversight in the industry.

According to Buchi Okoro, co-founder and CEO of Quidax, the company is committed to ensuring that customers can transact easily, safely, and with confidence on their platform. 

Okoro praised the SEC for its proactive approach in introducing regulation, order, and investor protection to the crypto industry. 

“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,” he said in a press release. 

The SEC license also allows Quidax to work with banks and other financial institutions, subject to approval from the Central Bank of Nigeria (CBN). This regulatory recognition could enhance the integration of cryptocurrencies into the Nigerian financial system, offering more legitimacy to crypto transactions and creating stronger relationships between the digital and traditional finance sectors.