The Securities and Exchange Commission (SEC) has warned that it would soon commence enforcement actions against all individuals and business entities, including crypto exchange platforms operating outside its regulations.
This followed a recent Approval-in-Principle granted to two crypto exchanges Quidax and Busha by the commission.
The Director-General of SEC, Dr. Emomotimi Agama in a statement released on Sunday, reiterated the commission’s resolve to protect all investors.
He said: “We are certainly going to commence enforcement actions on anyone who wants to operate in this market without the intention of being regulated.
“For those that do not want to play by the books, we will not allow them to operate within our space.”
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Agama pointed out it was essential to provide a clear regulatory framework that protects investors while encouraging innovation.
He highlighted the importance of full disclosure, anti-money laundering (AML) measures, and combating the financing of terrorism (CFT) protocols as essential components of the SEC’s oversight in the crypto space.
Agama said SEC had received numerous applications for crypto exchanges but clarified that the number of registered exchanges would be determined by their ability to meet the commission’s strict regulatory standards.
He said the commission is also taking steps to safeguard citizens from misinformation and fraudulent activities in the digital market space.
According to him, the activities of crypto exchanges must be closely monitored so they do not impede the economy.
By: Babajide Okeowo
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