Nigeria's Securities and Exchange Commission (SEC) is set to take action against unregulated cryptocurrency activities, targeting both the companies and individuals involved.
Emomotimi Agama, director general of the SEC, has stated the country will not tolerate cryptocurrency services being offered without proper regulation. This move is in line with the SEC's mandate to protect investors, including those involved in the cryptocurrency market.
Agama has emphasized that enforcement action will be taken against those who choose not to comply with regulations and operate illegally within the industry.
This announcement comes after the SEC recently granted provisional operating licenses to two local exchanges, Busha Digital and Quidax Technologies.