SEC grants approval-in-principle to 7 crypto firms

[Fiatless]

In August 2024 the Nigerian government approved two crypto service providers namely: Quidax and Busha. These two firms have not lived up to the expectations of the Nigerian crypto community as they offered poor services. Since then there has been a clamour for the government to permit more service providers.

According to Nairametrics, the Securities and Exchange Commission (SEC) has admitted seven new companies into its Accelerated Regulatory Incubation Programme (ARIP). The seven firms includes Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd, and Blockvault Custodian Ltd.

Just hoping that these new crypto service providers will give quality services that will enable them to compete favourably with foreign crypto players.

 

[Ashawowo(OS)]

This is good for the Nigerian crypto community, hopefully for businesses who would want to accept payments in crypto, however it is important to note that these companies are in what looks like a probation

“An Approval-in-Principle confirms that an entity has satisfied the Commission’s admission requirements for the Programme. Please note that it is not a final licence and remains conditional on the entity’s continued compliance with all applicable regulatory, operational, and supervisory obligations,” the Commission said.

I hope Luno allows me to withdraw my #5k worth of Ethereum which was locked in there when it had very low value. Personally I would not use this services for personal crypto activities. I always see these Nigerian approved crypto companies as a trap based on past experiences.

[Spaceman1000$]

In August 2024 the Nigerian government approved two crypto service providers namely: Quidax and Busha. These two firms have not lived up to the expectations of the Nigerian crypto community as they offered poor services. Since then there has been a clamour for the government to permit more service providers.

According to Nairametrics, the Securities and Exchange Commission (SEC) has admitted seven new companies into its Accelerated Regulatory Incubation Programme (ARIP). The seven firms includes Bitbarter Technologies Limited, Luno Fintech Nigeria Limited, GetEquity Limited, Koinkoin Global Network Limited, Wrapped CBDC Ltd, Trovotech Ltd, and Blockvault Custodian Ltd.

Just hoping that these new crypto service providers will give quality services that will enable them to compete favourably with foreign crypto players.

 

I would rather make use of the service's of the crypto companies that I know is global and have global reputation, let this companies you listed build their own reputation, as I cannot trust my crypto into a company that has no reputation, and the annoying part is the fact that, this companies might likely be colluding with the Nigerian government. The Nigerian government has a Continuity problem, if SEC has approved two companies 2024, don't surprised that they've had a hit a solid government policy that might be hidden from the public that has stopped their smooth sail..