On September 9, according to local media Nairametrics, the head of the Nigerian Securities and Exchange Commission, Emomotimi Agama, announced on Sunday that action will be taken against individuals and cryptocurrency exchanges that do not comply with its regulatory framework, promising to protect investors. Less than two weeks ago, the Nigerian SEC granted provisional approval to two digital asset trading platforms, Busha and Quidax. The temporary license allows the two companies to begin operations under the accelerated regulatory incubation program. Despite the regulatory efforts of the Nigerian SEC, many cryptocurrency trading platforms may still be operating in Nigeria without explicit approval. The Nigerian SEC has issued a warning banning cooperation with these unauthorised entities, stressing that the number of such businesses in the country is considerable.