Hassan Maishera
KuCoin Nigeria Limited has received conditional Approval-in-Principle (AIP) from Nigeria’s Securities and Exchange Commission for admission into its Accelerated Regulatory Incubation Program (ARIP).
In a press release shared with Cryptowisser, KuCoin noted that this latest development is crucial to the company’s global regulatory journey. It also reflects KuCoin’s long-term commitment to strengthening its global compliance framework and building trusted digital asset infrastructure.
However, the approval does not permit KuCoin Nigeria to begin operations, onboard customers or offer services to the public.
Conditional Approval Does Not Authorize Operations
According to KuCoin Nigeria, the conditional AIP is not a final registration or license. It also does not constitute an endorsement or recommendation by SEC Nigeria.
During the review process, KuCoin Nigeria demonstrated aspects of its proposed platform and operating model to the regulator.
These included products and services intended for the Nigerian market, customer onboarding procedures, fiat deposit and withdrawal arrangements, and technology infrastructure.
The SEC’s review also covered KuCoin’s proposed governance and risk management structures. The cryptocurrency exchange said the preparatory work shows its intention to incorporate local accountability and customer protection into its planned Nigerian operations.
However, further regulatory steps remain necessary before the company can launch services in the country.
This latest development is crucial to the company as KuCoin views Nigeria as an important market for digital asset adoption and innovation, citing the country’s active digital economy and developing crypto ecosystem.
The company said sustainable growth requires cooperation between regulators and industry participants, alongside improvements in transparency, market integrity and governance.
While commenting on this latest development, BC Wong, CEO of KuCoin, said:
“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.”
Overseas Authorizations Remain Separate From Nigerian Approval
The company’s engagement with SEC Nigeria is part of its broader approach towards meeting regulatory requirements in various jurisdictions.
According to the company, KuCoin EU received authorization under the European Union’s Markets in Crypto-Assets Regulation, known as MiCAR, enabling that entity to provide regulated crypto-asset services across the EU.
In Australia, KuCoin operates through Axis One Markets Pty Ltd, which is registered with AUSTRAC as a digital currency exchange provider.
Those authorizations and registrations apply only to the relevant entities and activities within their respective jurisdictions. Neither authorizes KuCoin Nigeria to operate or offer services in Nigeria.
KuCoin said it remains committed to obtaining the appropriate local permissions and aligning its operations with the requirements of each market.
The company said its compliance efforts extend beyond meeting formal regulatory requirements to building long-term trust with users and other market participants.
It plans to continue strengthening governance, operational resilience and user protection while working with regulators and industry partners.
Founded in 2017, KuCoin is a leading global crypto platform built on trust and security, serving over 45 million users across 200+ countries and regions. Known for its reliability and user-first approach, the platform builds trust into every layer of the user experience, combining advanced technology, deep liquidity, and strong security safeguards to deliver a seamless trading experience.
KuCoin provides access to 1,000+ digital assets through a broad product suite and remains committed to building a compliant and user-centric ecosystem for the future of finance, backed by SOC 2 Type II, ISO/IEC 27001:2022, ISO/IEC 27701:2019, ISO 22301:2019 and ISO/IEC 42001:2023 certifications.
The products, digital assets and services offered by KuCoin globally are not offered through KuCoin Nigeria and will not be available in Nigeria unless separately reviewed and, where required, cleared in writing by SEC Nigeria.
