SEC Nigeria crypto: What You Need to Know About Crypto Regulation in Nigeria

When it comes to SEC Nigeria crypto, the regulatory body overseeing financial markets in Nigeria, including digital assets. Also known as Securities and Exchange Commission Nigeria, it has become one of the most active crypto regulators in Africa—often clamping down on unlicensed platforms, fake airdrops, and pyramid schemes disguised as investments. Unlike countries that banned crypto outright, Nigeria never outlawed digital assets, but it did draw a hard line: no crypto exchange can operate without SEC approval. That’s why platforms like Digiassetindo, an unregulated Nigerian crypto exchange with no license or transparent reserves, and NUT MONEY, a scam platform with fake volume and no withdrawals have been flagged—and users are losing money.

The SEC Nigeria crypto task force doesn’t just target exchanges. It’s also going after influencers pushing fake airdrops, like the CDONK X CoinMarketCap airdrop, a well-known scam that tricks users into connecting wallets to steal funds, and the AXL INU, a zero-volume token with no team or utility, marketed as a New Year’s Eve giveaway. These aren’t isolated cases. In 2024 alone, the SEC shut down over 120 crypto-related scams targeting Nigerians. Many of these scams use CoinMarketCap’s name to appear legit—despite CoinMarketCap never running free token drops. The SEC warns: if it sounds too good to be true, it’s likely a trap.

So what’s allowed? You can still buy, hold, and trade crypto in Nigeria—but only through licensed platforms. The SEC has approved a handful of local exchanges that follow strict KYC and anti-fraud rules. Meanwhile, global platforms like Binance and MEXC operate in a gray zone: they’re not officially licensed, but millions still use them. The SEC’s goal isn’t to kill crypto—it’s to protect people from fraud. That’s why posts like the ASK airdrop, a real, verified token distribution by Permission.io get attention: they’re rare examples of legitimate crypto rewards in a sea of scams.

If you’re in Nigeria and using crypto, you need to know the rules. The SEC doesn’t just issue warnings—it files criminal charges. Traders have been arrested for operating unlicensed exchanges. Wallets have been frozen. And fake tokens like Global Token (GBL), a ghost token with zero supply and no team are being exposed as empty shells. This isn’t about stopping innovation. It’s about stopping predators. Below, you’ll find real cases, verified warnings, and breakdowns of what’s actually happening on the ground—no hype, no fluff, just what the SEC is doing, who’s getting caught, and how to stay safe.