The Securities and Exchange Commission (SEC) has declared that any digital asset trading platform operating in Nigeria without its registration is illegal.
The director-general of the SEC, Emomotimi Agama, made this declaration during a virtual meeting on the Investment and Securities Act (ISA) 2025, warning Nigerians against using these unregistered platforms.
He stated that, “If a digital asset trading platform is not registered, it is illegal.”
According to him, the newly enacted Investments and Securities Act (ISA) 2025 makes it illegal to operate digital asset exchanges or online foreign exchange trading platforms without formal registration with the SEC.
Agama noted that “under the newly enacted legislation, the SEC is now empowered to regulate a broader scope of market activities, as Section 3(3) (b) of the Act explicitly mandates the Commission to register and regulate securities exchanges, commodity exchanges, virtual and digital asset exchanges, and other market venues.”
Agama highlighted that ISA 2025 empowers the Commission to regulate digital asset platforms, crack down on Ponzi schemes, and prosecute offenders.
He also warned celebrities against promoting unregistered investments, emphasizing the need for investor protection under the new law
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