The Nigerian Securities and Alternate Fee (SEC) is sustaining an intense deal with the native cryptocurrency business, as indicated by latest developments. Whereas introducing minimal capital necessities for beforehand unregulated digital asset service suppliers (VASPs), the securities regulator has additionally fashioned an alliance with the Nigeria Police Power (NPF) in opposition to cryptocurrency fraud, amongst different unlawful operations.
Nigerian SEC Seems To Enhance Crypto Buyers’ Safety
In line with native media Voice of Nigeria, the SEC is ramping up efforts aimed toward investor safety and clear market operations within the crypto ecosystem. In a latest assembly with the NPF, the Fee’s Director-Normal (DG), Dr. Emomotimi Agama, communicated to the Inspector Normal of Police (IGP), Kayode Egbetokun, considerations over malicious actors within the monetary markets who exploit traders’ belief for private positive aspects.
Dr. Agama stated:
They cloak their deceit within the glamorous however misunderstood language of cryptocurrency and foreign currency trading. They aim the weak, the optimistic, and the merely unsuspecting, forsaking a path of shattered lives, depleted pensions, and damaged belief. This isn’t only a monetary crime; it’s a social menace that erodes public confidence in our complete monetary system.
At the moment, there’s a hole, a seam between identification and enforcement that these scammers exploit. Right now, we intention to shut that hole completely.
Specifically, the SEC DG is proposing the formation of a specialised SEC-NPF staff with members who deliver understanding of the monetary ideas and operations and the tactical intelligence to curb these funding frauds and shield the Nigerian our on-line world. The IGP accepted the collaboration request whereas additionally stating a robust dedication to assist the SEC obtain its goals.
Crypto Fraud In Nigeria
Notably, Nigerians have been victims of a number of cryptocurrency funding scams previously few years. Probably the most distinguished of those is the Crypto Bridge Alternate (CBEX) platform, which crashed in April 2025, shedding over N1.3 trillion ($916 million) in person funds.
The Nigerian SEC is strongly dedicated to lowering such menace as proven by the latest collaboration with the NPF alongside different measures equivalent to a revised minimal capital necessities for VASPs and a printed checklist of all recognized fraudulent crypto and monetary funding companies.
Notably, Nigeria stays one of many fastest-growing crypto hubs globally. In line with knowledge from TripleA, roughly 10.34% of Nigeria’s inhabitants, i.e., 22 million individuals, maintain one digital asset or the opposite, due to this fact indicating the necessity for an efficient regulatory oversight and safety system.
Featured picture from Oriental Information Nigeria, chart from Tradingview
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