The Nigerian Securities and Alternate Fee (SEC) is sustaining an intense deal with the native cryptocurrency business, as indicated by current developments. Whereas introducing minimal capital necessities for beforehand unregulated digital asset service suppliers (VASPs), the securities regulator has additionally shaped an alliance with the Nigeria Police Pressure (NPF) in opposition to cryptocurrency fraud, amongst different unlawful operations.
Nigerian SEC Appears To Enhance Crypto Traders’ Safety
In line with native media Voice of Nigeriathe SEC is ramping up efforts aimed toward investor safety and clear market operations within the crypto ecosystem. In a current assembly with the NPF, the Fee’s Director-Common (DG), Dr. Emomotimi Agama, communicated to the Inspector Common of Police (IGP), Kayode Egbetokun, issues over malicious actors within the monetary markets who exploit traders’ belief for private positive aspects.
dr. Agama stated:
They cloak their deception within the glamorous however misunderstood language of cryptocurrency and foreign currency trading. They aim the weak, the optimistic, and the merely unsuspecting, abandoning 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 total monetary system.
At the moment, there’s a hole, a seam between identification and enforcement that these scammers exploit. At present, we purpose to shut that hole completely.
Specifically, the SEC DG is proposing the formation of a specialised SEC-NPF workforce with members who convey understanding of the monetary rules and operations and the tactical intelligence to curb these funding frauds and shield the Nigerian our on-line world. The IGP permitted 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 prior to now few years. Probably the most distinguished of those is the Crypto Bridge Exchange (CBEX) platformwhich 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 current collaboration with the NPF alongside different measures comparable to a revised minimal capital necessities for VASPs and a published list of all recognized fraudulent crypto and monetary funding companies.
Notably, Nigeria stays one of many fastest-growing crypto hubs globally. In line with that data from TripleA, roughly 10.34% of Nigeria’s inhabitants, ie, 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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