The Central Bank of Nigeria recently reversed its ban on cryptocurrency transactions for banks. This regulatory change has opened opportunities for crypto trading platforms like Yellow Card Exchange to expand operations in Nigeria.
As a leading Pan-African crypto exchange, Yellow Card is actively seeking licensing to establish a regulated presence in Nigeria. The company sees the policy reversal as a chance to capitalize on first-mover advantage in Africa’s biggest economy.
According to Yellow Card’s Director of Product Management, the exchange is eager to move quickly to set up local operations now that the ban has been lifted. Progress has been slow up to this point due to the inability to get a corporate bank account under the previous restrictions.
With banks now allowed to service crypto platforms, Yellow Card can complete licensing with the Nigerian Securities and Exchange Commission. The welcoming regulatory environment will build confidence in crypto trading, benefiting Yellow Card and its users.
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