
Blockchain.com Seeks SEC License to Launch Crypto Exchange in Nigeria
Global cryptocurrency platform Blockchain.com has announced plans to secure a crypto exchange license from the Nigerian Securities and Exchange Commission (SEC) as it positions Nigeria as the central hub for its African expansion strategy.
In an interview with Nairametrics, Michael Emeeka, Blockchain.com’s Country Head for Nigeria, said the company chose Nigeria not only for its large market size but also for its tech-savvy population and high rate of digital adoption.
“We have over 80 million crypto wallets globally on Blockchain.com, and a significant portion comes from Africa — with Nigeria contributing a large share,” Emeeka said.
“Nigeria has one of the highest cryptocurrency adoption rates in the world, driven by its young population and strong appetite for digital assets.”
Nigeria: Africa’s Crypto Adoption Leader
According to Emeeka, Nigeria ranks first in Africa and second globally, behind India, in cryptocurrency adoption rates. This, he said, makes the country a natural choice for Blockchain.com’s African operations.
He explained that the company’s immediate focus is to secure SEC’s crypto exchange license and ensure that its local operations meet international compliance standards.
Building a Compliant Crypto Ecosystem
Blockchain.com, which already holds regulatory licenses in other jurisdictions, is working closely with key Nigerian institutions including the Central Bank of Nigeria (CBN), the Nigeria Inter-Bank Settlement System (NIBSS), and the National Institute of Credit Administration (NICA).
Emeeka added that the company’s strategy in Nigeria goes beyond trading, expanding into remittances, payments, and business transactions — areas where cryptocurrency adoption continues to rise among individuals and small businesses.
“Our focus is on building trust, investing in local talent, and promoting responsible crypto use through education and transparency,” he said.
Aligning With Regulation
At a recent media briefing in Lagos, Owenize Odia, Blockchain.com’s General Manager for Africa, confirmed that the company has formally applied for a crypto exchange license from Nigeria’s SEC.
“Nigeria is one of our most important markets in Africa,” Odia said. “Compliance is at the heart of our operations. We are working hand-in-hand with regulators to build a trusted and transparent crypto ecosystem.”
Similarly, Serena Braide, Blockchain.com’s Compliance Officer for Nigeria, emphasised the company’s adherence to international financial integrity standards and local laws.
“Given the high-risk nature of the crypto industry, Blockchain.com follows strict global protocols — including Know-Your-Customer (KYC), customer due diligence, sanctions screening, and transaction monitoring,” Braide explained.
“We welcome regulatory oversight because it strengthens market confidence and long-term sustainability.”
Nigeria’s Growing Regulatory Framework for Crypto
Nigeria’s Securities and Exchange Commission (SEC) has recently taken steps to formalise the country’s cryptocurrency ecosystem.
In 2024, the SEC granted Approval-in-Principle to two local crypto exchanges — Quidax and Busha — under its Accelerated Regulatory Incubation Program (ARIP), marking a milestone in Nigeria’s journey toward crypto regulation.
The SEC noted that more applications are under review and that additional approvals will be granted on a case-by-case basis to firms that meet all regulatory requirements.
A New Era for Crypto in Nigeria
With Blockchain.com’s crypto exchange license application in Nigeria, the global platform joins a growing list of companies seeking to operate legally under the country’s evolving digital asset framework.
As Nigeria cements its position as Africa’s largest crypto market, Blockchain.com’s entry signals increasing global confidence in the country’s regulatory environment and digital finance potential.
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