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..

[Roseline492]

The first two you mentioned has already been forgotten because they didn't look like a place someone's assets would be safe to keep and in those days they were seriously advertising everywhere, although Busha was too unpopular then but however even if they're adding more service providers but I don't think they would do much well because people will not still be very confident in them, however considered the one among the seven that I believe had much people that was using it being Luno will be the one that might actually have a security that people wouldn't be too doubtful of.

[Fiatless]

The first two you mentioned has already been forgotten because they didn't look like a place someone's assets would be safe to keep and in those days they were seriously advertising everywhere, although Busha was too unpopular then but however even if they're adding more service providers but I don't think they would do much well because people will not still be very confident in them, however considered the one among the seven that I believe had much people that was using it being Luno will be the one that might actually have a security that people wouldn't be too doubtful of.

You are right, brotherly. These two licensed crypto service providers didn't contribute to the growth of the Nigerian crypto industry. Maybe they don't have the right management, or they lack the capacity to compete with international platforms. I am hoping that some of these newly licensed firms will help the industry to grow and mature.

[igebotz]

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 haven't used any of these Nigerian crypto exchanges and the stories of other hacked Nigeria's crypto exchanges didn't help either and also because they're all self-centered and built to exploit their customers rather than helping the crypto communities. They all operate crypto swap and exchanger services that generates incomes to themselves, no P2p marketplaces knowing so well that Nigeria has the biggest volume in Africa.

If these exchanges operate a peer-to-peer marketplace, it would generate a lot of traffic and eliminate the need to use foreign exchanges to make p2p transactions but I won der why they're not taking advantage of our over 200m population.