Business Briefings
Blockchain.com Eyes Nigerian Market with SEC License Bid
Blockchain.com, a leading global cryptocurrency platform, has announced its intention to establish Nigeria as its operational hub for Africa. Simultaneously, the Nigerian Securities and Exchange Commission (SEC) has unveiled a major reform in the country’s capital market infrastructure, transitioning to a T+2 settlement cycle to enhance efficiency and investor confidence.
These developments signal a transformative moment for Nigeria’s financial landscape, positioning the country as a nexus for digital innovation and regulatory modernization.
Blockchain.com Bets Big on Nigeria
Blockchain.com’s decision to anchor its African operations in Nigeria is driven by a confluence of factors: market size, digital adoption, and a vibrant crypto culture. Speaking in Lagos, Michael Emeeka, the company’s Country Head for Nigeria, emphasized that the choice was not merely strategic but inevitable.
“Nigeria contributes a considerable share of our over 80 million crypto wallets globally,” Emeeka revealed. “The country ranks number one in Africa and second globally—just behind India—in terms of cryptocurrency adoption. This is driven by a young, tech-savvy population and a strong appetite for digital assets.”
The company’s expansion strategy goes beyond trading. Emeeka outlined plans to integrate crypto into everyday financial activities such as remittances, payments, and business transactions. These use cases are increasingly relevant in Nigeria, where small businesses and consumers are turning to digital currencies for speed, cost-efficiency, and accessibility.
To ensure its operations align with local laws, Blockchain.com is actively pursuing a crypto exchange license from the SEC. The company is also engaging with key financial institutions including the Central Bank of Nigeria (CBN), the Nigeria Inter-Bank Settlement System (NIBSS), and the National Institute of Credit Administration (NICA).
Owenize Odia, General Manager for Africa at Blockchain.com, reiterated the company’s commitment to regulatory compliance. “Nigeria is a very important market for us. Compliance is fundamental to how we operate. We’ve met with the SEC and formally applied for the appropriate license,” Odia said.
Serena Braide, Compliance Officer for Blockchain.com in Nigeria, added that the company adheres to international financial integrity standards. “We follow strict global protocols—Know-Your-Customer (KYC), customer due diligence, sanctions screening, and ongoing transaction monitoring. Regulatory scrutiny is welcome because it fosters trust and long-term sustainability.”
This proactive approach aligns with the SEC’s broader regulatory framework. Last year, the Commission granted Approval-in-Principle to two crypto exchanges—Quidax and Busha—under its Accelerated Regulatory Incubation Program (ARIP), signaling its readiness to embrace digital finance while maintaining oversight.