Securities and Exchange Commission (SEC) has declared that it is illegal under the Investment and Securities Act (ISA 2025) for anyone to operate digital asset exchanges or online foreign exchange trading platforms without formal registration.
SEC made this declaration on Sunday in a statement it issued to the News Agency of Nigeria (NAA) in Abuja.
The statement reaffirmed the commission’s commitment to innovation while maintaining strict oversight.
According to SEC, the provisions of the ISA, which was signed into law on March 25, 2025, by President Bola Ahmed Tinubu, made it an offence in Nigeria for any entity that is not registered by the SEC to carry out the business of online foreign exchange trading platforms or related services.
It said:“Any business entity with the plan of setting up a business in any of this area is advised to visit the commission for further directive on how to register to avoid sanctions.
”We welcome innovations, but it must occur within a regulated environment that protects investors and maintains the integrity of our market.
“With ISA 2025 now in force, stakeholders in the financial and investment ecosystem are advised to familiarise themselves with the new provisions and ensure full compliance.”
