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FG Bans Unlicensed Forex, Crypto Platforms
President Bola Ahmed Tinubu has signed into law the Investments and Securities Act (ISA) 2025, marking a significant shift in the regulation of Nigeria’s capital and digital financial markets. The newly enacted legislation introduces a strict regulatory framework targeting digital asset platforms and online forex operators.
One of the most notable provisions of the new law is the declaration that any digital forex trading platform or cryptocurrency exchange operating without formal registration with the Securities and Exchange Commission (SEC) is now considered illegal.
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This reform aims to protect Nigerian investors from unregulated online activities and curb market manipulation. The SEC released a statement over the weekend, confirming that henceforth, it is a punishable offence for any individual or company to run or promote online forex trading or similar services without first being registered with the commission.
“All entities not registered by the Commission are prohibited from engaging in online forex trading or similar services,” the SEC noted. It directed all such platforms to approach the Department of Registration, Market Development, and Regulation (HOD DRM) for guidance on compliance procedures.
The new ISA expands the SEC’s jurisdiction, empowering it to regulate a broader spectrum of capital market activities, including virtual and digital asset exchanges. Section 3(3)(b) of the Act specifically authorizes the SEC to register and supervise all online securities marketplaces.
In a recent address, SEC Director General Dr. Emomotimi Agama described the law as a transformative tool for the Nigerian financial landscape. He emphasized that the Act brings Nigeria’s regulatory regime in line with international standards, promoting inclusivity, transparency, and investor protection.
Agama reaffirmed that innovation in digital finance is welcome but must operate within a structured and secure regulatory environment.
