Quidax, an African-founded cryptocurrency exchange, secured a provisional operating license from the Nigerian Securities and Exchange Commission (SEC) office as a Digital Assets Exchange, as per the latest updates disclosed to Finbold on August 30.
The license allows Quidax to operate as a registered crypto exchange in Nigeria, which is a major step toward formal recognition and regulation of the African nation’s crypto market.
Fostering trust in the Nigerian crypto community
Buchi Okoro, Co-founder and CEO of Quidax, emphasized the company’s commitment to the Nigerian user base, stating:
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“At Quidax, the customer is our priority, every decision we make is to ensure that the customer transacts on our platform easily, safely and with confidence. 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 also expressed gratitude to Nigerian regulators who worked along industry stakeholders to develop guidelines and foster trust within the ecosystem.
He likewise noted that the new operating license might allow Nigeria to potentially outpace other nations in terms of cryptocurrency regulation.
Indeed, with SEC approval, Quidax can now collaborate with banks and other financial institutions, once approved by the Central Bank of Nigeria.
On August 19, Quidax sent an email to its customers and employees, thanking them for and acknowledging their unwavering support.
The email described the SEC’s approval as an inspiration for pushing the boundaries of crypto while recognizing the dedication of the Quidax team in maintaining a safe, secure, and compliant platform.
