SEC don approve two crypto firms to operate as exchange.

[Fiatless]

Yesterday the Nigerian Security and Exchange Commission just approve two companies wey bi Busha Digital Limited and Quidax Technologies Limited to enter the business of buying and selling of cryptocurrencies. Maybe this move dey show say the government don dey open thier door small small to crypto businesses.

But the problem wey I dey see bi say, the government go control this exchanges well well.  And then fit just nak any customer allegations to use the opportunity seize their money. Just check the way dem just freeze people account becos of allegation say na dem sponsor end bad government protest. The advice go bi say make we no go put plenty money for centralized exchanges because person money fit enter voicemail.

My question na bi say, which exchange you go like to dey use. You go like use the one wey don register with Niaja SEC or the foreign one wey men dey use since?

https://www.premiumtimesng.com/business/business-news/729341-sec-grants-two-crypto-firms-approvals-to-operate.html

[Charles-Tim]

I have not heard of Busha Digital Limited before.

Quidax Technologies Limited has a shady way of removing people's money. The trading fee can be 500 naira, but if you calculate the amount they removed, I can be more than 1500 naira.

My question na bi say, which exchange you go like to dey use. You go like use the one wey don register with Niaja SEC or the foreign one wey men dey use since?

Busha is an investment service provider but I will prefer to invest on cryptocurrencies by having them on my noncustodial wallet. Quidax trading platform support just few coins if compared to well recognized exchanges and also not supporting margin and derivative trading. Traders can not be encouraged to leave their coins on Quidax. Those well known exchanges are providing better crypto products and services also.

[Barikui1]

Yesterday the Nigerian Security and Exchange Commission just approve two companies wey be Busha Digital Limited and Quidax Technologies Limited to enter the business of buying and selling of cryptocurrencies. Maybe this move dey show say the government don dey open thier door small small to crypto businesses.

But the problem wey I dey see bi say, the government go control this exchanges well well.  And then fit just nak any customer allegations to use the opportunity seize their money. Just check the way dem just freeze people account becos of allegation say na dem sponsor end bad government protest. The advice go bi say make we no go put plenty money for centralized exchanges because person money fit enter voicemail.

My question na bi say, which exchange you go like to dey use. You go like use the one wey don register with Niaja SEC or the foreign one wey men dey use since?

https://www.premiumtimesng.com/business/business-news/729341-sec-grants-two-crypto-firms-approvals-to-operate.html

My brother, you don really talk well, make we no happy oo, our government no mean well for crypto as then dy try camouflage am, as I see this ur thread, I just dy laugh say this people just dy create exchange overnight,  so that them fit use am catch most crypto enthusiastic for we country, because I dy very positive say na still our government officials go get these mentioned exchange, so make we no put our money anywhere we see all in the name of exchange.

Just as wetin you don talk already, e no go hard them to freeze anybody account wey them see as a threat to their government, and with that kind of settings, na only person wey no wise go leave bybit or any other foreign exchange him or her dy use go use this nonsense wey them just open say na exchange.

Lastly, till binance return to Nigerian market, make we no just conclude say our government get better plans for the crypto sector, make we no fall for any of their tricks, because if their intentions dy pure as Dem dy claim, our traditional banks for no dy against any crypto transaction, make we reason am.

[Sim_card]

Na Busha be the first exchange wey I start to use when I be newbie for crypto, but their exchange rate dey very poor and that na wetin discourage me after I see Binance exchange rate. Busha don try for Naija because even when government make crypto illegal for w we country, Busha dey do their business. E better say make traders use the exchange wey them already dey use and forget about anything wey Naija government approve. All na trap to use against us so that make people no fit challenge their government. I am cool with the exchange that I am using because them dey there when government dey against crypto.

[Promocodeudo]

This move is still suspicious to me because how will a government that doesn't support anything about crypto suddenly wake up to approve two exchange companies, I think any person involving him or herself in doing business with this people  should be careful, lets not forget that our government has been fighting to make naira appreciate in the financial market but it seems like a mirage and a trial in futility because of the wrong approach they are using to make this happen.
Personally I believe that there are things we may not see that the government is cooking up though it is also assumption for me but anyone having  the mindset of doing business with this two approved company's should trade with caution because our government can not be trusted on this one this might be a trap in disguise, although I know that bitcoiners and crypto enthusiast in general will not fall for this cheap trap because many us have exchanges we do our thing with, so i don't think this their exchange companies will scale through unless the Government come out openly to tell the public how prepared they are to embrace digital economy without any form of unnecessary victimization of Bitcoin and crypto enthusiast.

As for me, I wouldn't be having anything to do with this exchanges because of the high risk involved, I will continue using the foreign once until our government tell us what digital asset did to them and also assure us that nothing is going to happen to our asset once we decide  to do business with exchange that registered with them.

[Odogwu-Blockchain]

For government to approved these platforms, it means that they've equally acquired these exchanges, meaning they are no longer in operation by the owners but government officials. The government are now in charge of every decision to be made, every upgrade to be done on the exchange and so on. Remember that the government never announce their inner intentions to the public. The government will now raise funds for these exchanges to reach greater height if you can keep track of these two platforms in years coming.

This move is still suspicious to me because how will a government that doesn't support anything about crypto suddenly wake up to approve two exchange companies, I think any person involving him or herself in doing business with this people  should be careful, lets not forget that our government has been fighting to make naira appreciate in the financial market but it seems like a mirage and a trial in futility because of the wrong approach they are using to make this happen.

Yes, you may be right, but If I tell you that the government has talked with the team of these exchanges and agreed to be operated by the government, would you agree with me, they are literally behind the operation from now on.

[Moreno233]

Yesterday the Nigerian Security and Exchange Commission just approve two companies wey bi Busha Digital Limited and Quidax Technologies Limited to enter the business of buying and selling of cryptocurrencies. Maybe this move dey show say the government don dey open thier door small small to crypto businesses.

I saw this news today and it got me wondering what the plan of the SEC might be. Are they trying to start the process of regulating cryptocurrency in Nigeria or this might just be one way of showing that they are becoming nice to cryptocurrency. I know Quidax have been long in Nigeria but the other exchange seems relatively new and unpopular.

Those that are not afraid of the dramas of the government can use these exchanges but I will have to stay away for the main time until we know what their intentions are because policy inconsistency in Nigeria is a big threat to businesses and individuals. Make them no wake up one day seize my money untop wetin I no know.

[Hewlet]

Yesterday the Nigerian Security and Exchange Commission just approve two companies wey bi Busha Digital Limited and Quidax Technologies Limited to enter the business of buying and selling of cryptocurrencies. Maybe this move dey show say the government don dey open thier door small small to crypto businesses.

the question is, will they make it compulsory that every one must make use of those exchange even when it doesn't met the demands of the user?

No be everybody de like keep him funds for exchange and personally, as long as I know say this particular exchange de affiliated to the Nigerian government, nothing go carry me near am. Who knows what Thier plans is? They want to have a close eyes on the transaction people are doing and decide to prevent some people from getting their funds after cooking up flimsy excuses? If you go de make use of this two exchanges you go know say you na yourself you wan tie down be that. If they want to regulate exchanges that operate in Nigeria, make them kuki task them to pay them certain percentage and not create or lobby an exchange that's entirely under thier watch. Nothing when our government put hand inside de ever end well so this one no be wetin I go take seriously.

[sokani]

My question na bi say, which exchange you go like to dey use. You go like use the one wey don register with Niaja SEC or the foreign one wey men dey use since?

Na good news say Nigerian SEC don grant license to dis exchanges, e show say dem really wan regulate cryptocurrency for awa country and no be to ban am outrightly, Maybe soon, crypto transactions no go dey prohibited using mobile money operators.

But I no trust any of dis SEC approved exchanges and I go still dey use di foreign ones to run my package. I just dey hear about Busha digit limited for di first time and I don come across Quidax before but as I look dem up, di reviews on Trust Pilot no really make sense.

If dem say make I predict the first local exchanges to get a licence, dis two no go cross my mind. Normally, CEXs dey under governments control but I believe this ones go overdo base on how naija matter dey be, dem fit collect reach your blood and DNA samples.

[Antotena]

But the problem wey I dey see bi say, the government go control this exchanges well well.  And then fit just nak any customer allegations to use the opportunity seize their money. Just check the way dem just freeze people account becos of allegation say na dem sponsor end bad government protest. The advice go bi say make we no go put plenty money for centralized exchanges because person money fit enter voicemail.

My question na bi say, which exchange you go like to dey use. You go like use the one wey don register with Niaja SEC or the foreign one wey men dey use since?

Trust the Nigerian government on your own. Some months ago, SEC announced they have increased licensing of exchanges with a fee of ₦150m and some other charges that are not negotiable. So they want to tell us thag the this two exchanges agreed to pay that amount and has been fully licensed by SEC commission to function in Nigeria. This is a set and I would not use this exchange unless they open way for other exchanges we are used to as usual.

Kucoin has also agreed to work with Nigeria government and give them some Value added tax, why haven't the government gives kucoin exchange go ahead to allow p2p exchange for the people to use. They are doing what they think it's best but we know it's for their own benefits and not crypto traders and investors. I hate this government with passion when it comes to anything related to crypto.

[Wiwo]

I have not heard of Busha Digital Limited before.

I swear down bro, when I read the news earlier this morning, and I saw that name I was like what the heck is busha, I haven't hard such a name in the Nigeria crypto space before.

Are their busharing us with high fees and so on, the name is so funny, and I think the government or sec are up to something giving licence to unknown and unpopular exchange is not what we need right now, I even thought locals exchange like Remitano will be the first to get licence not some scammy platforms.

Quidax Technologies Limited has a shady way of removing people's money. The trading fee can be 500 naira, but if you calculate the amount they removed, I can be more than 1500 naira.

I stop using Quidax the moment I lost my $30 on that exchange and funny enough aside from the high withdrawal fees, some of their support are scammers collaborators, so giving such an exchange licence over other legit exchanges is somewhat not a straight forward approach from the sec.

[EL MOHA]

I swear down bro, when I read the news earlier this morning, and I saw that name I was like what the heck is busha, I haven't hard such a name in the Nigeria crypto space before.

Are their busharing us with high fees and so on, the name is so funny, and I think the government or sec are up to something giving licence to unknown and unpopular exchange is not what we need right now, I even thought locals exchange like Remitano will be the first to get licence not some scammy platforms.

I have had it before but trust me when I say all this local exchanges are simply the reason why many people still see cryptocurrency as scam in Nigeria, it has been long in the industry but not that long like Remittano. So since I think most users here go for global exchanges that’s the reason why you don’t know it. The exchange is usually manipulative if you ask me from there withdrawal fee to their exchange rate most at times they have high rates when buying coins like usdt to them and low when selling.

Personally I don’t think it’s an exchange that one who is use to the bigger and global exchanges would love to use and seeing them getting approval from the government means they would have agreed to something which most exchanges have been running from so personally I would advice anyone to trade with them with caution

[Richbased]

I swear down bro, when I read the news earlier this morning, and I saw that name I was like what the heck is busha, I haven't hard such a name in the Nigeria crypto space before.

Are their busharing us with high fees and so on, the name is so funny, and I think the government or sec are up to something giving licence to unknown and unpopular exchange is not what we need right now, I even thought locals exchange like Remitano will be the first to get licence not some scammy platforms.

I have had it before but trust me when I say all this local exchanges are simply the reason why many people still see cryptocurrency as scam in Nigeria, it has been long in the industry but not that long like Remittano. So since I think most users here go for global exchanges that’s the reason why you don’t know it. The exchange is usually manipulative if you ask me from there withdrawal fee to their exchange rate most at times they have high rates when buying coins like usdt to them and low when selling.

Personally I don’t think it’s an exchange that one who is use to the bigger and global exchanges would love to use and seeing them getting approval from the government means they would have agreed to something which most exchanges have been running from so personally I would advice anyone to trade with them with caution

Anything wey concern this country dey always get one issues or the other and moreover, with the previous activities of government in global exchanges I don't think any core crypto enthusiasts in this country will want to use these local exchanges for transactions because everyone is literally careful of the government now as no one knows what their plan is for approving this exchanges because people will begin to see those exchanges as a means of tracking down people who are into cryptocurrency just like they wanted to do on global exchanges so people are very careful this time around. However, no one wants a platform that will be developing issues and network errors all the time so they would prefer an exchange that has international standards than settling for local exchanges.

[Kelward]

My question na bi say, which exchange you go like to dey use. You go like use the one wey don register with Niaja SEC or the foreign one wey men dey use since?

https://www.premiumtimesng.com/business/business-news/729341-sec-grants-two-crypto-firms-approvals-to-operate.html

Di most important thing wey I de look out for in terms of exchange matter be reputation, my focus no be weda na local or foreign. So as e be for my side na di foreign exchanges na im meet my standards because exchanges like Binance don build solid trust for di crypto market worldwide. Before I go trust dis indigenous exchanges dem go first build dem reputations first and people go trust dem before I go patronize dem but I no go follow for di first sets of people. Because of di way wey our government take de none crypto friendly many people go de sceptical about any exchanges wey dem approve or endorse because e fit to be a trap to take de monitor and trap people coins.

[Cryptohygenic]

My question na bi say, which exchange you go like to dey use. You go like use the one wey don register with Niaja SEC or the foreign one wey men dey use since?

Make e be say me self think otherwise, wetin go be the unique benefit to use this 9ja SEC owned approved exchange comparing to the ones we dey use since? Because if u ask me, I go say me dey comfortable with the foreign ones and knowing say 9ja govt facilities no dey waste time to careless, me no fit say my patronize my own country exchange while risking my hard earned money.
If na about taking control of people on their crypto funds such as keep users on transaction tracks, me no fear bcos I no dey acquire my BTC illegally. My major concern na make I no lost my funds and make I do my transactions as these foreign exchanges dey permit us anyway anytime without regulatory sentiments.

[Smartvirus]

I just Dey hear these firms name for the first time and e no Dey like watin I go like use as e be so, not now or in the near future via say, I believe government influence go Dey too high on these firms. E no go hard for infiltration of user details and questions asked over just any transaction.
The approval shah make sense via say, e Dey show the stands of the government on crypto matter them and e actually mean say, cryptos no Dey banned for the nation for those way no really get am just that, them Dey fine more ways to regulations.

[Fiatless]

Kucoin has also agreed to work with Nigeria government and give them some Value added tax, why haven't the government gives kucoin exchange go ahead to allow p2p exchange for the people to use. They are doing what they think it's best but we know it's for their own benefits and not crypto traders and investors. I hate this government with passion when it comes to anything related to crypto.

Paddy the your observation dey very legit. I bin dey think say the government give dis exchanges licences so that dem go fit dey collect the 7.5% VAT on transaction for them. But your observation don show say the government get other intention because na Kucoin for bi the first to get the license. Kucoin get experience for exchange package and I sure say their pocket deep so the registration billing no go bi problem. We no say for this country na man no man dey sub full time. If we chook eye for the matter we go find out say top government official, their family member or friends hand dey for one or both of this exchange wey government don approve.

[Sonia_123]

Yesterday the Nigerian Security and Exchange Commission just approve two companies wey bi Busha Digital Limited and Quidax Technologies Limited to enter the business of buying and selling of cryptocurrencies. Maybe this move dey show say the government don dey open thier door small small to crypto businesses.

But the problem wey I dey see bi say, the government go control this exchanges well well.  And then fit just nak any customer allegations to use the opportunity seize their money. Just check the way dem just freeze people account becos of allegation say na dem sponsor end bad government protest. The advice go bi say make we no go put plenty money for centralized exchanges because person money fit enter voicemail.

My question na bi say, which exchange you go like to dey use. You go like use the one wey don register with Niaja SEC or the foreign one wey men dey use since?

https://www.premiumtimesng.com/business/business-news/729341-sec-grants-two-crypto-firms-approvals-to-operate.html

As long as you are cashing out wherever you are and irrespective of your present exchange, please continue with the one you are using , because Nigeria government is not to be trusted abeg no go use naija Busha or Quidaxs ooh as the name Busha implies for Yoruba," just pack am", them go pack your money and even trace your account and location,there is nothing technology cannot do, we have digital/electronic wizards in the country that can fish anything out online,so please we wise and careful, remember our government has not come out publicly to announce or support cryptocurrency. It might be a way to catch all crypto users, remember Binance was asked to produce all crypto users name which was not given to them ,so they have to device another means ,use your old exchange that your have been using, don't change.

[nelson4lov]

For now, I no go touch either of these platforms even with a 10-foot pole. This is the same government that went after the biggest exchanges and tried very hard to stop peer to peer trading across several exchanges. The Nigerian government looked like they were in support of crypto from the onset. In 2023, them been approve one blockchain policy only to do U-turn and go after binance. These newly approved exchanges will work to submit customers data to the government

[CryptSafe]

This na the first time I dey hear about this exchanges way our federal government approve to dey run crypto exchange matter for we country. I was wondering if it is the same government that is still holding the binance executive and clamping down on crypto enthusiasts actually telling us that they have approved crypto firms to operate in Nigeria for the betterment of the youths. At first when I heard about the news I burst into laughter because I know how our government can be funny at times.

Truth be told, any crypto enthusiasts in Nigeria who gets involved with that exchange or firm should have him or herself to blame for anything that befalls them. Wisdom is profitable to direct. Our government have never been a youth friendly type that would just all of a sudden annouce to Nigerians of a sudden development just to lure some sets of people just to get at them.

Run for your dear lives all ye crypto enthusiasts!