tl;dr
Nigeria, after previously cracking down on digital asset exchanges and banning unlicensed offshore operators, is now adopting clearer crypto regulations, attracting global firms like Blockchain.com. The UK-based company sees Nigeria as its fastest-growing African market, driven by the country’s regu...
Nigeria’s regulatory reforms have sparked a renewed interest from global cryptocurrency firms, with Blockchain.com leading the charge in expanding its operations within the country. This marks a significant pivot from Nigeria’s previous tough stance that included crackdowns and bans on unlicensed offshore digital asset exchanges. The nation is now embracing a clearer regulatory framework to support licensed digital asset exchanges, making it an attractive market for companies like Blockchain.com.
Despite past restrictions—most notably the Central Bank of Nigeria’s (CBN) prohibition on banks processing crypto transactions and a high-profile lawsuit against Binance for alleged economic sabotage—Nigeria remains Africa’s largest digital asset market. Recent government actions, including the issuance of provisional licenses to local exchanges such as Quidax and Busha, reflect a strategic shift toward responsible regulation and sector growth. The Nigerian SEC is actively reviewing additional license applications and prioritizing capacity building to regulate the sector effectively.
Blockchain.com, a UK-based exchange boasting 37 million users and over 85 million wallets opened, cites Nigeria as its fastest-growing African market. The company values Nigeria’s evolving legal clarity and sees it as a priority target for crypto-exchange licensing. Looking beyond Nigeria, Blockchain.com plans further expansion into Ghana, South Africa, and Kenya. Notably, South Africa leads the continent with over 200 licensed virtual asset service providers but continues to push for stronger regulatory classifications that could unlock significant capital inflows.
This trend of regulatory maturation across Africa signals growing global confidence in digital assets and underlines how government policies can rapidly transform market dynamics. Investors and industry stakeholders are encouraged to watch for evolving frameworks and licensing developments that could shape the future of cryptocurrency markets on the continent.