#Nigeria's SEC Crackdown: Nigeria's Securities and Exchange Commission (SEC) plans to enforce actions against unregulated cryptocurrency firms. The #SEC aims to ensure all crypto operators comply with the country's regulations.

Licensing of Crypto Exchanges: The SEC has begun issuing licenses to compliant exchanges, including Quidax and Busha. Five other firms are currently testing their business models under the Regulatory Incubation Program (RI).

Regulatory Incubation Program (RI): The RI Program was introduced to allow firms operating before the May 2022 crypto regulations to test their products and technologies under SEC supervision.

Blocking of Some Exchanges: Despite the move towards regulation, some exchanges have been blocked in Nigeria, while others, like #Coinbase , remain accessible.

Binance Legal Drama: The ongoing legal disputes involving #Binance executives, including the prolonged detention of a Binance executive, Tigran Gambaryan, have raised concerns. BICCoN warns this could harm Nigeria's #blockchain ecosystem and deter potential investors.

Balance Between Regulation and Innovation: While the SEC aims to enforce regulation, it asserts that it will not hinder innovation, emphasizing that a regulated market is crucial for growth.

International Attention: US lawmakers have expressed concern over Gambaryan’s detention and health conditions in Nigerian custody. Despite being cleared of tax evasion charges, Gambaryan faces separate money laundering accusations.