KuCoin Nigeria has received conditional Approval-in-Principle from Nigeria’s Securities and Exchange Commission (SEC) to enter the regulator’s Accelerated Regulatory Incubation Programme (ARIP), marking another step in the crypto exchange’s broader compliance strategy.

Announced on October 13, the approval remains conditional. It does not constitute final registration, a licence, endorsement or recommendation from SEC Nigeria. It also does not permit KuCoin Nigeria to begin operations, onboard customers or offer services to the Nigerian public.

ARIP, introduced by SEC Nigeria in 2024, offers virtual asset service providers an accelerated path through the regulator’s incubation framework. Applicants admitted under conditional approval-in-principle can proceed to full registration only after the SEC completes its review — the step that would determine whether KuCoin Nigeria can eventually serve the Nigerian public.

Approval covers proposed operating framework

As part of the review process, KuCoin Nigeria presented elements of its proposed platform and operating model to the regulator. The presentation covered products and services intended for the Nigerian market, customer onboarding procedures, fiat on- and off-ramp arrangements, technology infrastructure, and governance and risk-management structures.

KuCoin said the preparatory work reflects its focus on local accountability, user protection and risk management as it works within Nigeria’s evolving regulatory framework. The company described Nigeria as a key market for digital-asset adoption and innovation, citing the country’s vibrant digital economy and developing crypto ecosystem. Nigeria has consistently ranked among the world’s most active crypto markets in industry adoption studies, and its regulatory landscape has shifted in recent years: the central bank barred banks from serving crypto firms in 2021 before lifting the restriction in December 2023, and the Investment and Securities Act 2025, signed in March, brought virtual asset service providers under SEC oversight.

KuCoin said a sustainable digital-asset market requires constructive engagement between regulators and industry participants, together with stronger governance, transparency, market integrity and user protection.

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.”

KuCoin added: “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.”

Nigeria move fits wider compliance strategy

KuCoin said its regulatory engagement in Nigeria forms part of a broader approach to meeting local requirements across key markets.

In Europe, KuCoin EU has received authorisation under MiCAR, allowing it to provide regulated crypto-asset services across the European Union. In Australia, KuCoin operates through Axis One Markets Pty Ltd, which is registered with AUSTRAC as a digital currency exchange provider.

The company stressed that each authorisation or registration applies only to the relevant entity and activities within that jurisdiction. None of those approvals permits KuCoin Nigeria to operate or provide services in Nigeria.

KuCoin said it will continue strengthening governance, operational resilience and user protection while working with regulators, partners and industry participants to support a more mature, transparent and trusted digital-asset market. The company said compliance remains central to building long-term trust as it pursues responsible innovation and develops regulatory relationships across global markets.

Source: CoinJournal