Nigerian SEC to target non-compliant crypto exchanges and individuals

The Nigerian Securities and Exchange Commission (SEC) announced plans to take action against individuals and crypto exchanges that fail to comply with its regulatory framework, according to local media outlet Nairametrics. In July, the SEC mandated that virtual asset service providers (VASPs) must be incorporated and maintain an office in Nigeria to qualify for the Accelerated Regulatory Incubation Programme (ARIP), which is designed to onboard VASPs in the country.