Nigeria’s Securities and Exchange Commission (SEC) has urged Nigerian investors to always check the authenticity of a crypto trading platform on its dedicated website, following the rise in unlicensed platforms luring Nigerians into their operations.
A check by Infomediang on the SEC website shows that there are only two registered cryptocurrency trading platforms licensed to operate as Digital Assets Exchange (DAE) in the Nigerian market at the time of publication. They are:
- Busha Digital Limited with the trading name Busha
- Quidax Technologies Limited with the trading name Quidax
While Busha is owned by a UK-based Nigerian cryptoeconomics specialist, Olaolu Samuel-Biyi, Onyebuchi Innocent Okoro is the founder of Quidax.
Observations
Checks by our writer on SEC portal shows that both Digital Assets Exchange firms have physical addresses and other contact details as a sign of openness in their business operations. Quidax is located at 1 Adedeji Adekola Street, Lekki, Lagos, while Busha’s is located at Alma 2 Unit 2, Richmond Gate Estate, RT Lawal Street, Alma Beach Road, Lekki, Lagos.
Unlike before, when crypto operators entered the Nigerian space without a physical address, the new SEC rules stipulate that any digital assets exchange company that wants to operate in Nigeria must have verifiable contact details.
Recall that in early May, SEC warned Nigerians against a crypto exchange with the domain name “tofro.com”, which had no verifiable address on its website. The Commission also disclosed that it was not registered.
On Saturday, June 7, 2025, the Commission issued a RED ALERT against a new memecoin Punisher Coin aka SPUN ($PUN). Meme coins are characterised by pump and dump schemes orchestrated by their promoters.
Millions of Nigerians have lost their monies since the buzz around cryptocurrency began some years ago. However, the most destructive among them is Crypto Bridge Exchange (CBEX), a Ponzi scheme which posed as a digital trading platform. Investors lost billions on the platform.