Global cryptocurrency platform Blockchain.com has said it is seeking to acquire a crypto exchange license from the Nigerian Securities and Exchange Commission (SEC), even as it positions the country as its hub for African expansion.
Speaking in an interview with Nairametrics, Blockchain.com’s Country Head for Nigeria, Michael Emeeka, said the country was chosen as a hub not just for its market size but for its tech-savvy population and the pace of digital adoption.
According to him, the country’s strong crypto culture made it an obvious choice for Blockchain.com’s regional expansion.
“We have over 80 million crypto wallets right now on Blockchain.com, and a substantial portion of that comes from Africa. Nigeria contributes a considerable share of those wallets.
“The country has one of the highest crypto adoption rates globally, driven by its young, tech-savvy population and strong interest in digital assets,” Emeeka said.
He added that Nigeria ranks number one in Africa and second globally, behind India, in terms of cryptocurrency adoption.
SEC’s licence
Emeeka said Blockchain.com’s immediate focus is securing its SEC license and ensuring its local operations meet global compliance standards.
- He noted that Blockchain.com’s strategy extends beyond trading to practical use cases like remittances, payments, and business transactions areas, where crypto is increasingly being adopted by Nigerian consumers and small businesses.
- According to him, the company’s market approach in Nigeria is to build trust with customers, invest in local talent, and educate the market about responsible crypto use.
Aligning with regulation
Speaking at a media parley in Lagos, General Manager for Africa at Blockchain.com, Owenize Odia, said the company applied for a license from SEC as it looks to align with local regulations and build a compliant, trusted crypto ecosystem.
“Nigeria is a very important market for Blockchain.com. Compliance is fundamental to how we operate. We engage regulators openly, and in Nigeria, we have met with the SEC and applied for the appropriate license,” Odia said.
Blockchain.com’s Compliance Officer in Nigeria, Serena Braide, noted that the company’s operations are guided by international financial integrity standards and local laws.
“Given the high-risk nature of the industry, we follow strict global standards, starting with Know-Your-Customer (KYC), customer due diligence, sanctions screening, and ongoing transaction monitoring. We welcome regulatory scrutiny because it builds trust and long-term sustainability,” Braide stated.
What you should know
Last year, SEC in its first crypto regulation move, granted an Approval-in-Principle to two crypto exchanges, Quidax and Busha, giving them the status of legally recognised crypto trading platforms in the country.
The two exchanges were approved under the Accelerated Regulatory Incubation Program (ARIP) of the Commission.
- At times, the SEC had noted that the approved firms were not the only entities that had applied to ARIP and the RI Program.
- It added that other applications received were being assessed and would be granted Approval-in-Principle on a case-by-case basis as they meet all its requirements.
This is a strong strategic move. Nigeria’s crypto adoption rate and youthful, tech-driven population make it the perfect launchpad for Africa’s digital finance revolution. If Blockchain.com partners effectively with local regulators and innovators, this could accelerate mainstream crypto integration across the continent.