Global cryptocurrency platform Blockchain.com has officially selected Nigeria as its operational hub for Africa and announced plans to secure a crypto exchange license from the Nigerian Securities and Exchange Commission (SEC). This move underscores Nigeria’s growing influence in the global digital asset landscape and its potential as a key player in Africa’s blockchain economy.
Why Nigeria?
In an exclusive interview with Nairametrics, Michael Emeeka, Blockchain.com’s Country Head for Nigeria, explained that the company’s decision to establish its African base in Nigeria was driven by the country’s large population, high level of digital adoption, and vibrant cryptocurrency culture.
“We have over 80 million crypto wallets on Blockchain.com globally, and a substantial portion of that comes from Africa. Nigeria alone contributes a significant share,” Emeeka said.
He noted that Nigeria ranks first in Africa and second globally—behind India—in terms of cryptocurrency adoption, reflecting the nation’s dynamic and tech-savvy youth population.
Focus on Regulation and Compliance
Emeeka emphasized that Blockchain.com’s top priority is obtaining regulatory approval from the SEC and ensuring that its operations comply with both local and international standards.
The company, which already holds multiple licenses across other global jurisdictions, is actively engaging with key Nigerian financial institutions such as the Central Bank of Nigeria (CBN), the Nigeria Inter-Bank Settlement System (NIBSS), and the National Institute of Credit Administration (NICA).
“We are not just focused on crypto trading,” Emeeka said. “Our goal is to bring practical use cases to Nigeria—such as remittances, digital payments, and business transactions—where crypto can deliver real value to consumers and small enterprises.”
He added that Blockchain.com aims to build trust with Nigerian users, invest in local talent, and educate the market about responsible crypto adoption.
Aligning With Nigeria’s Crypto Regulation
Speaking at a recent media session in Lagos, Owenize Odia, Blockchain.com’s General Manager for Africa, reaffirmed the company’s commitment to regulatory alignment and transparency.
“Nigeria is one of our most important markets. Compliance is at the heart of our business model,” Odia said. “We have applied for a license from the SEC because we believe in working hand-in-hand with regulators to create a safe and trusted crypto ecosystem.”
Serena Braide, the company’s Compliance Officer for Nigeria, also highlighted Blockchain.com’s adherence to global financial integrity standards, including Know-Your-Customer (KYC) processes, sanctions screening, and transaction monitoring.
“We welcome regulatory scrutiny—it helps build public confidence and ensures long-term sustainability,” she noted.
Nigeria’s Evolving Regulatory Landscape
Blockchain.com’s entry into Nigeria’s crypto market comes amid increasing regulatory clarity from the SEC. In 2024, the Commission granted Approval-in-Principle to two local exchanges—Quidax and Busha—under its Accelerated Regulatory Incubation Program (ARIP), marking a major milestone in Nigeria’s journey toward formal crypto regulation.
The SEC has stated that other applications are currently under review, with additional approvals to be granted on a case-by-case basis once firms meet all compliance requirements.
A Step Toward Mainstream Crypto Adoption
By choosing Nigeria as its African base, Blockchain.com joins a growing list of global fintech and crypto firms betting on the country’s youthful population and strong appetite for digital assets.
Industry observers say this development could boost investor confidence, create job opportunities, and accelerate Nigeria’s integration into the global blockchain economy.
As Blockchain.com seeks to formalize its presence through regulatory approval, its focus on education, transparency, and local collaboration positions it as a potential leader in Africa’s next wave of crypto innovation.
