SEC vows to take action against unregulated crypto exchanges

The Securities and Exchange Commission (SEC) has warned that it will soon initiate enforcement action against all individuals and entities, including crypto exchange platforms, that operate outside its regulations.

This follows the recent In-Principle Approval granted to two crypto exchanges Quidax and Busha by the commission.

SEC Director-General Dr. Emomotimi Agama in a statement released on Sunday, reiterated the commission’s determination to protect all investors.

He said: “We will certainly initiate enforcement action against anyone who wishes to operate in this market without any intention of being regulated.

“For those who do not want to follow the rules, we will not allow them to operate in our territory.”

READ ALSO:FIRS seeks legislative support to regulate crypto industry

Religion emphasizes the importance of providing a clear regulatory framework that protects investors while encouraging innovation.

He highlighted the importance of full disclosure, anti-money laundering (AML) measures, and countering the financing of terrorism (CFT) protocols as critical components of the SEC’s oversight of the crypto space.

Agama said the SEC has received many applications for crypto exchanges but explained that the number of registered exchanges will be determined by their ability to meet the commission’s strict regulatory standards.

He said the commission was also taking steps to protect citizens from misinformation and fraudulent activities in the digital marketplace.

According to him, crypto exchange activities must be strictly monitored so as not to hamper the economy.

By: Babajide Okeowo

SEC promises action against unregulated crypto exchanges first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.