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The Securities and Exchange Commission (SEC) has announced plans to initiate enforcement actions against individuals and businesses operating in cryptocurrency without proper regulatory oversight. This step follows the approval of two crypto exchanges under its supervision.According to <a href="https://nairametrics.com/2024/09/09/nigerias-sec-to-begin-crackdown-on-unregulated-crypto-exchanges-others/#google_vignette" rel="noopener noreferrer nofollow">local reports</a>, SEC Director-General Dr. Emomotimi Agama emphasized the Commission’s commitment to protecting investors and ensuring that market participants adhere to regulatory frameworks.<h2 id="header-0">Focus on Regulatory Compliance</h2>Dr. Agama underscored the importance of compliance in the crypto market. With the rapid growth of digital assets, the SEC aims to create an environment where innovation can thrive while safeguarding investor interests. Notably, this announcement comes after the recent approval of two exchanges, Quidax and Busha, which are now the first officially recognized crypto platforms in <a href="https://cryptotale.org/nigerian-police-arrest-self-proclaimed-crypto-billionaire-for-terrorism-funding/" rel="noopener noreferrer nofollow">Nigeria</a>.Agama reiterated the SEC’s intent to regulate all entities operating in the digital space, stressing that businesses must meet the Commission's stringent guidelines. By closely monitoring activities, the SEC aims to prevent fraud and misinformation in the digital market.According to Agama, total transparency, anti-money laundering (AML) measures, and combating the financing of terrorism (CFT) protocols will be critical areas of focus in ensuring that crypto operations do not undermine the country's economy.<a href="https://cryptotale.org/sec-to-crack-down-on-unregulated-exchanges-in-nigeria-soon/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

SEC to Crack Down on Unregulated Exchanges in Nigeria Soon

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