The Nigerian Securities and Exchange Commission (SEC) recently announced an intensification of efforts to target and penalize unregulated cryptocurrency trading platforms in the country, in order to protect investors from potential risks. The SEC's Director, Emomotimi Agama, stated that the regulatory body would take actions against any violations, while also promising continuous oversight and protection for all market participants. This decision comes after the SEC granted temporary approvals to two digital asset trading platforms, Busha and Quidax, with the intention of encouraging compliance in their operations. Nevertheless, there are still many cryptocurrency trading platforms that might be operating in Nigeria without clear authorization. In response to this, the SEC has issued warnings, advising against dealings with these unapproved entities, and highlighting the size of such businesses within the country.