VASP Nigeria: What You Need to Know About Crypto Regulations and Compliance in Nigeria

When you hear VASP Nigeria, a Virtual Asset Service Provider operating under Nigeria’s financial regulatory framework. Also known as crypto exchange license holder, it refers to any company that offers services like trading, custody, or conversion of digital assets and must register with Nigeria’s Securities and Exchange Commission (SEC). This isn’t just paperwork—it’s the line between a legal crypto platform and a scam operation that vanishes overnight.

VASP Nigeria isn’t a single company. It’s a category that includes exchanges like Binance Nigeria (before its suspension), Luno, and smaller local platforms trying to stay compliant. But here’s the catch: many so-called VASPs operate without licenses. They mimic official sites, promise high yields, and vanish when regulators move in. In 2023, Nigeria’s SEC shut down over 20 unregistered platforms, many of which were pretending to be VASPs. Meanwhile, real VASPs must prove they have anti-money laundering controls, know-your-customer checks, and secure custody systems. That’s why you’ll find posts here about platforms like NUT MONEY, a fraudulent crypto exchange with no regulatory oversight—it’s not a VASP. It’s a trap.

Understanding VASP Nigeria also means seeing how it connects to other crypto risks in the country. For example, Digiassetindo, an unregulated Nigerian crypto exchange with no licensing or transparency, looks like a VASP but fails every compliance check. And then there’s the rise of fake airdrops—like CDONK X CoinMarketCap, a scam campaign pretending to be an official giveaway—that target users who trust anything labeled "crypto" without checking if the provider is licensed. These aren’t random scams. They’re exploiting confusion around what a real VASP is.

If you’re in Nigeria and using crypto, you need to know who’s regulated and who’s not. A real VASP will show you their SEC registration number. They’ll have clear terms, customer support, and withdrawal histories. A fake one will push you to deposit fast, hide its location, and disappear when you ask for proof. That’s why this collection includes deep dives into exchanges like VASP Nigeria-related platforms, scams disguised as them, and the legal gray zones that make it easy for fraudsters to operate. You’ll find reviews of real platforms, warnings about fake ones, and explanations of what compliance actually looks like in practice—not just in press releases.