Global cryptocurrency platform Blockchain.com has announced plans to obtain a crypto exchange license from the Nigerian Securities and Exchange Commission (SEC) as part of its strategy to make Nigeria the operational hub for its African expansion.
Speaking in an interview with Nairametrics, Michael Emeeka, the company’s Country Head for Nigeria, said Blockchain.com’s choice of Nigeria was driven by the country’s large market size, tech-savvy population, and rapid digital adoption.
“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,” Emeeka said.
“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 noted that Nigeria ranks first in Africa and second globally, behind India, in terms of cryptocurrency adoption.
Focus on SEC License and Regulatory Compliance
Blockchain.com’s immediate priority, according to Emeeka, is to secure its operating license from the SEC and ensure full compliance with Nigerian financial regulations.
The company, which already holds operational licenses in multiple jurisdictions, has begun engagements with several key institutions, including the Central Bank of Nigeria (CBN), the Nigeria Inter-Bank Settlement System (NIBSS), and the National Institute of Credit Administration (NICA).
Emeeka added that the company’s long-term vision in Nigeria extends beyond cryptocurrency trading to use cases in remittances, payments, and business transactions—areas where digital currencies are increasingly gaining traction among local consumers and small businesses.
“Our goal is to build trust with customers, invest in local talent, and promote responsible crypto usage,” he said.
Blockchain.com Emphasises Alignment with Local Regulation
At a media parley held in Lagos, Owenize Odia, General Manager for Africa at Blockchain.com, reiterated the company’s commitment to regulatory alignment and consumer protection.
“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.
Supporting this stance, Serena Braide, Blockchain.com’s Compliance Officer for Nigeria, emphasised that the company adheres to international financial integrity standards alongside local compliance rules.
“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,” she explained.
“We welcome regulatory scrutiny because it builds trust and long-term sustainability.”
Nigeria’s Regulatory Climate and Crypto Adoption
Nigeria has emerged as one of the world’s fastest-growing cryptocurrency markets, despite a history of regulatory tension between crypto firms and financial authorities.
In 2024, the SEC granted Approval-in-Principle to two Nigerian crypto exchanges, Quidax and Busha, under its Accelerated Regulatory Incubation Program (ARIP)—a framework designed to guide compliance and protect investors in the emerging crypto economy.
The SEC has since confirmed that several other companies are undergoing evaluation under the same program, with approvals to be issued on a case-by-case basis once all regulatory conditions are met.
Industry Outlook
With Nigeria’s crypto adoption rate among the highest globally, Blockchain.com’s entry signals growing confidence in the country’s digital asset ecosystem. Analysts believe that a clear regulatory environment could further position Nigeria as a leading cryptocurrency hub in Africa.
If approved, Blockchain.com’s license would strengthen its foothold on the continent, support local innovation, and possibly boost confidence among investors wary of unregulated platforms.
About Blockchain.com:
Founded in 2011, Blockchain.com is one of the world’s oldest cryptocurrency platforms, offering digital wallet, trading, and blockchain analytics services to millions of users across more than 150 countries.
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