African-founded cryptocurrency exchange Quidax has become the first crypto exchange in Nigeria to receive a provisional operating license from the Securities and Exchange Commission (SEC) as a Digital Assets Exchange.

This milestone license allows Quidax to operate as a registered crypto exchange in Nigeria, marking the beginning of formal recognition and much-needed regulatory oversight of the cryptocurrency industry in the country.

Commenting on the achievement, Buchi Okoro, Co-founder and CEO of Quidax, emphasized the company’s commitment to customer safety and ease of transactions. He praised the SEC, under the leadership of Dr. Emomotimi Agama, for taking bold steps to bring order, confidence, and investor protection to the industry. “This is a big win for Nigeria’s embrace of crypto, and we are glad to be part of this historic moment,” Okoro stated.

Okoro also expressed gratitude to Nigerian regulators for collaborating with industry stakeholders to develop guidelines that will drive innovation and build trust in the growing crypto ecosystem. He believes this significant step will enable Nigeria to leapfrog other countries in terms of crypto regulation.

With the SEC license, Quidax can now collaborate with banks and other financial institutions, subject to approval from the Central Bank of Nigeria. This license enhances trust in cryptocurrency and provides protection for crypto enthusiasts in Nigeria.

In an email to stakeholders, Quidax thanked its customers and employees for their support since the company’s inception. The email described the SEC approval as a boost for the Nigerian crypto community and a recognition of the team’s dedication to safety, security, and compliance. Quidax reaffirmed its unwavering commitment to innovation, security, and compliance in the rapidly evolving crypto space.