Nigeria’s crypto scene had a bumpy ride lately, especially with talks of banning p2p trading. People hoped a meeting between crypto folks and the Security and Exchange Commission (SEC) would clear the air. But surprise, surprise, the SEC, usually seen as forward-thinking, also thinks some retail crypto traders are causing trouble in the FX market.
The SEC’s Director General, Emomotimi Agama, highlighted concerns about crypto p2p traders affecting exchange rates. He urged crypto exchanges to stop trading naira in p2p pairs, a move some already made after Binance came under scrutiny.
Agama spent half an hour urging p2p traders to quit, citing national security worries. He also called out “bad actors” tarnishing the industry’s name and promised no new regulations without industry input. Around 300 guests were invited to share ideas on how to regulate Nigeria’s crypto market.
But here’s the catch: while regulation seems inevitable, this meeting mainly aimed to show cooperation between the SEC and the industry. Worries about a p2p ban still linger.
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