Nigerian SEC crypto licensing: What you need to know about crypto regulation in Nigeria

When it comes to Nigerian SEC crypto licensing, the official framework that governs how crypto businesses operate in Nigeria under the Securities and Exchange Commission. It’s not optional—it’s the law for any exchange, wallet provider, or trading platform serving Nigerian users. Since 2022, the Nigerian SEC has been enforcing strict rules to bring order to a market that once ran wild with unregulated platforms. This isn’t about stopping crypto—it’s about protecting people from scams, frozen funds, and shady operators.

Related to this is SEC Nigeria, the government body that issues licenses, monitors compliance, and cracks down on unregistered services. Also known as the Nigerian Securities and Exchange Commission, it’s the same agency that oversees stocks and bonds, now extending its reach to digital assets. If a crypto platform claims to be legal in Nigeria, it must show a valid SEC license number—no exceptions. And it’s not just about registration: platforms must prove they have anti-money laundering systems, KYC checks, and secure custody solutions.

Then there’s crypto regulation Nigeria, the broader set of rules that shape how users interact with digital assets. This includes reporting requirements for large transactions, tax obligations, and restrictions on foreign platforms. For example, Nigerian banks are required to block payments to unlicensed crypto exchanges. That’s why platforms like AEX and others with no SEC approval have vanished from the local market. Users who stuck with unlicensed services lost access to their funds—exactly what the SEC wanted to prevent.

And it’s not just exchanges. If you’re running a crypto-related business in Nigeria—even a simple staking service or token sale—you need to apply for a license. The process isn’t easy: you need a minimum capital of 50 million Naira, a local office, a compliance officer, and detailed documentation on your tech and security. Many startups give up before even starting. But those that make it? They’re the only ones you can trust.

What you won’t find here are vague promises or hype. You’ll find real cases: the $150 million frozen in the Philippines, the EU’s MiCA rules, Korea’s real-name bank system—these aren’t random examples. They’re proof that Nigeria isn’t alone. Countries worldwide are tightening control. The difference? Nigeria moved fast. While others debated, Nigeria acted. And now, if you’re trading crypto in Nigeria, you’re either under the SEC’s watch—or outside the law.

Below, you’ll find reviews of exchanges that made the cut—and those that didn’t. You’ll see which platforms actually hold a Nigerian SEC license, which ones pretend to, and what happens when you ignore the rules. No fluff. No guesses. Just facts from the front lines of crypto regulation in Africa’s biggest market.