KuCoin Nigeria Limited has received conditional Approval-in-Principle (AIP) from Nigeria’s Securities and Exchange Commission (SEC Nigeria) for admission into the regulator’s Accelerated Regulatory Incubation Programme (ARIP), as the cryptocurrency exchange continues its efforts to meet regulatory requirements in key markets.
The approval represents a preliminary step in the regulatory process rather than a licence to operate. Under the conditions of the AIP, KuCoin Nigeria is not yet authorised to launch services, onboard customers or conduct business with the Nigerian public. The decision also does not constitute a final registration, endorsement or recommendation from SEC Nigeria.
As part of the application review, KuCoin Nigeria presented elements of its proposed trading platform and operational framework to the regulator. The demonstration included its planned products and services, fiat deposit and withdrawal arrangements, customer onboarding processes, technology infrastructure, and governance and risk management procedures.
The review forms part of KuCoin’s efforts to establish a regulatory framework for its proposed operations in Nigeria, a market the company identifies as significant for digital asset adoption and innovation.
KuCoin has also pursued regulatory authorisations and registrations in other jurisdictions. Its European entity, KuCoin EU, has obtained authorisation under the Markets in Crypto-Assets Regulation (MiCAR) to provide regulated crypto-asset services across the European Union. In Australia, the company operates through Axis One Markets Pty Ltd, which is registered with AUSTRAC as a digital currency exchange provider.
These regulatory arrangements apply exclusively to the respective entities and their permitted activities in each jurisdiction. Neither the European authorisation nor the Australian registration grants KuCoin Nigeria permission to provide services in Nigeria.
BC Wong, CEO of KuCoin, commented on the development:
“Receiving conditional Approval-in-Principle from SEC Nigeria marks another important milestone in KuCoin’s global compliance journey. As digital assets become an increasingly important part of the global financial system, trust must be built through continuously strengthening governance, maintaining high compliance standards and enhancing user protection. We value the opportunity to engage constructively with SEC Nigeria through ARIP and to continue building in line with Nigeria’s evolving regulatory framework. Our focus remains on strong governance, high compliance standards and meaningful user protection as we support the responsible and sustainable development of the digital asset ecosystem.”
The company said its regulatory strategy focuses on meeting local requirements while strengthening governance, transparency and user protection across its operations.
Following the conditional approval, KuCoin Nigeria remains subject to the applicable regulatory process before it can begin offering services to Nigerian customers. Meanwhile, KuCoin plans to continue working with regulators and industry participants across its markets, with an emphasis on operational resilience, compliance and risk management.
