The platform has a monthly transaction volume of approximately $12 billion, according to press reports.
“We are in discussion with CBN for both understanding and better regulating of this market.”
“First, new forms of money must remain trustworthy. They must protect consumers, be safe and anchored in sound legal frameworks and support financial integrity.”
The world cannot be moving forward and we will be static, the SEC official said.
“To ensure that appropriate and adequate mitigants are put in place, should such securities be allowed in the future,” it said.
The regulator also said its decision was not in any way inimical to the development of FinTech or technology-driven payment solutions.
The embargo on cryptocurrency exchanges by the Buhari administration ignited furore amongst Nigerians, many of whom excoriated the regime for its poor economic policies.
Nigeria ranked world’s second-largest Bitcoin by trading volume, according to crypto marketplace Paxful.
“After seven months, the complainant did not get his capital nor the interest and all efforts made by the complainant to get his capital back failed,” police prosecutor said.
