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.

[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.

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.

Actually is one thing that could make any cryptocurrency firm in Nigeria impactful on the industry and that's how well people are using them and when we also talked about there chances to be adopted by people we should also remember the international cryptocurrency platforms like all those big Centralized exchanges that has become part of everyone in the country and we cannot contrast them to how safe the international exchange would be and one thing about money is that the moment you are fine with the platform you are using it for it becomes your most preferred one.

[Ndabagi01]

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 love this move by the SEC to grant more window business access to other companies. It opens up a competitive space for all and encourages them to want to do more and come out will better services than their counterpart. I have not used any of them that wa granted access before but the name Busha really sounds familiar and I’m sure it is used by most Nigerians but with this bad review, their reputation is already damaged and won’t get that trust back from the people.

Amongst the new ones that have been granted approval, Luno Fintech Nigeria Limited is a popular name and I know that Nigerians will patronise them very well as much as they want. 10 new approval granted is really a big push by SEC for a competitive environment for them all.

[Marvelockg]

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

Apart from luno, i cant tell if i have hard anything about the other exchanges. while we commend the sec for this approval which is an indication of the fact that bitcoin and crypto acceptance is on the rise, it will be hard for we to leave the popular exchanges we have gotten used to just to try out some of these that have not gained public acceptance as such.  Anything that gives us the leverage to freely carry out crypto transaction without being afraid that it will be tagged as illegal is a very welcomed development.

[Fiatless]

Apart from luno, i cant tell if i have hard anything about the other exchanges. while we commend the sec for this approval which is an indication of the fact that bitcoin and crypto acceptance is on the rise, it will be hard for we to leave the popular exchanges we have gotten used to just to try out some of these that have not gained public acceptance as such.  Anything that gives us the leverage to freely carry out crypto transaction without being afraid that it will be tagged as illegal is a very welcomed development.

If these new service providers offer quality services, some people might consider using them. At least you are sure that you can report to relevant authorities if you are defrauded or maltreated by these registered platforms.

But the problem is that these local service providers will cooperate without hesitation with the Nigerian law enforcement agency. They can easily tag a transaction as fraudulent, which would lead to an investigation and the freezing of an account. So people might still consider foreign platforms for security purposes.