TL;DR, SEC Nigeria, partnering with CBN and EFCC, is freezing crypto wallets to combat Ponzi fraud, which has cost Nigerians over ₦174 billion ($112 million). The new Investment and Securities Act 2025 (ISA 2025) gives SEC Nigeria the legal power to classify crypto as securities, monitor telecoms data, and impose severe penalties including 10-year prison…
Renowned asset exchange Quidax recently collaborated with Nigeria’s Securities and Exchange Commission to host a blockchain training series at Lagos’s prestigious Capital Club. The two-day event brought together key players within commercial banks, asset management firms and other financial sectors, underscoring how vital digital assets are, now more than ever. In Brief The blockchain training…
In Brief Crypto Ponzi schemes are now explicitly illegal under ISA 2024, with operators facing up to ten years imprisonment and heavy fines. SEC Nigeria gains authority to regulate digital assets, freeze scam-linked accounts, and enforce KYC/AML standards on all VASPs. Mandatory registration, enhanced investor protections, and global compliance benchmarks lay the groundwork for a secure, innovative…
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