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<ul class="wp-block-list">
 <li>Quidax, a Nigeria cryptocurrency exchange, gathers provisional approval from the region’s SEC to act as a registered exchange.&nbsp;</li>
 <li>As of April 2024, the digital asset trading platform has 600k users globally and is based in 50 nations, including Ghana.</li>
 <li>According to the data, Nigerian law enforcement agencies have detected cryptocurrencies worth $50 million.&nbsp;&nbsp;</li>
</ul>
Since the past few quarters, the government of Nigeria has been constantly delving deeper into the applications of blockchain-based currencies. The fuel of government interest in crypto came following the growing adoption of currency in the region.&nbsp;
As per recent updates, the Regulatory Commission of Nigeria has approved the provisional license of Quidax. The crypto trading platform became the first to secure provisional approval to operate in the region.&nbsp;
Quidax is a Nigerian cryptocurrency exchange in Lagos, Nigeria, and 50 other nations. The exchange was established in 2018, and as of April 05, 2024, it has approximately 600k users globally.&nbsp;
Source: Cryptothedoggy (X account)
The license will enable Quidax to offer its services all over the region with official approval. Market watchers claim that the event will boost exchange adoption in Nigeria. &nbsp;&nbsp; Other Related News&nbsp; 
On August 14, 2024, Todayq reported, “The state government of Lagos extended its plans to tokenize real estate on the blockchain, effectively turning properties into easily transferable NFTs.”&nbsp;&nbsp;
The motive for exploring blockchain and other decentralized features is to boost its internally generated revenue through the Eko Revenue Plus Summit. A key initiative outlined in the summit documents is tokenizing real estate on the blockchain.&nbsp;
On August 16, 2024, Nigerian law enforcement agencies detected cryptocurrencies worth $50 million. The authorities seized the funds as they had received secret information that the funds would be used to promote protests in the country.&nbsp;
This amount was sent from a foreign source to initiate national protests against rising inflation.&nbsp;
While addressing media personnel, President Bola Tinubu and NSA Nuhu Ribadu said they blocked four wallets containing $38 M. He added that the authorities have successfully traced wallets containing cryptocurrencies worth around $50 M.&nbsp;
In the last month of the first quarter of 2024, the Nigerian government reportedly demanded a fine of $10B from <a href="https://news.todayq.com/irans-power-crisis-20-bounty-for-tips-on-illegal-crypto-mining/" target="_blank" rel="noopener noreferrer nofollow">Binance </a>for allegedly manipulating exchange rates.
According to claims, following the implication of the fine, Binance was asked to produce data of the top 100 holders in the region. However, they also ask for all transaction history from the exchange for the last six months. Crypto Market Price Glimpse&nbsp; 
The global crypto market capitalization is 2.06T, with an intraday decline of 2.23%. For the past few weeks, the market cap has been tumbling below $2.10T.&nbsp;
Despite the negativity in the market cap, the trading volume grew by over 31%.&nbsp;
The total volume in DeFi is currently $3.01B, 5.75% of the total crypto market 24-hour volume.&nbsp;
The volume of all <a href="https://news.todayq.com/shiba-inu-partners-with-baseball-united-uae-amid-crypto-boom/" rel="noopener noreferrer nofollow">stablecoins </a>is now $48.51B, which is 92.61% of the total crypto market 24-hour volume.
When writing, Bitcoin is trading at $58438 with a monthly decline of 12.37%. However, over the past 52 weeks, the price of BTC has increased by 123.82%. The current trading price is below the 20, 50, 100, and 200-days EMA.
Ethereum prices continue to fall; At the time of writing, it is trading at $2,582 with a monthly decline of 29.26%. Following the approval of the Ether Spot ETF, the price and total addresses on the ETH blockchain saw a significant increase.

Quidax Secures Provisional Approval From Nigerian Regulators

Todayq News

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