Yellow Card Exchange is eyeing expansion in Nigeria after the Central Bank’s cryptocurrency ban reversal. The Pan-African platform seeks licensing to navigate regulatory uncertainties and capitalize on the growing crypto market in Nigeria.
Yellow Card Exchange, a prominent Pan-African crypto trading platform, is seizing the opportunity following the Central Bank of Nigeria’s recent reversal of the cryptocurrency transaction ban for banks. Focused on dominating the African market, Yellow Card is actively pursuing licensing in Nigeria to overcome regulatory hurdles and capitalize on the burgeoning crypto landscape.
Ogochukwu Umeokafor, the exchange’s Director of Product Management, expressed the importance of a regulated environment, stating, “We want a regulated environment because it’ll help the business move; it will help people have more confidence in doing business with us.” Yellow Card has initiated the approval process with the Nigerian Securities and Exchange Commission (SEC) but faced setbacks under the previous ban.
With the ban lifted, Nigerian commercial banks can now open accounts for Virtual Assets Service Providers (VASPs), providing a conducive environment for crypto trading platforms like Yellow Card. This move is expected to attract other players to enter the Nigerian market, tapping into the crypto-savvy population.