As the market for digital assets continues to grow, businesses interested in entering this space must ensure full compliance with the regulatory requirements set out by SEC and other relevant authorities.
We advise that companies wishing to provide crypto trading services work closely with their legal advisors to ensure that they successfully operate within the confines of the relevant regulations.
these are not criteria any exchange that wants to operate fully in Nigeria will find difficult to meet up with as it is something that they already have the capacity to do without a single form of stress. if they had thought of this while going head-to-head with binance, the matter would not have gotten to the extent where they have to arrest binance executive and cause the Naira to be delisted from the binance p2p portal.
of cause, we have a lot of local exchanges in existence and a couple of others that are still coming up. if this registration process pulls through, at least we are going to be sure that we have an idea on the position of the government and the SEC regarding crypto operation in Nigeria. for the local exchanges, they will have no option that abiding by this regulatory framework but when you consider the already existing exchange that have gotten popular in Nigeria like bybit and bitget, it's going to be difficult for them to agree to register and go through this process since it is clear that they already have the majority of the Nigerian crypto population patronizing them already.