Crypto Exchange Yellow Card Financial Set to Apply for Nigerian License Following Cryptocurrency Ban Lift
Pan-African cryptocurrency exchange Yellow Card Financial has announced plans to apply for a license in Nigeria following the recent lifting of the country’s cryptocurrency ban.
The ban, which was imposed in 2021, prohibited financial institutions from transacting or operating cryptocurrency exchanges.
With the ban now lifted, Yellow Card aims to seize the opportunity and establish a regulated presence in Nigeria.
“You’ve waited for something and it has come true, and we’ll jump on it immediately,” Ogochukwu Umeokafor, the director of product management at Yellow Card, told Bloomberg .
Umeokafor emphasized the importance of operating in a regulated environment, as it would enhance business operations and foster greater confidence among customers.
Currently, Yellow Card offers limited cryptocurrency services in Nigeria, allowing users to buy and sell Bitcoin and Tether’s stablecoin USDT with the naira.
The platform also facilitates other financial transactions.
With the license application, Yellow Card aims to expand its services and attract institutional investors.
Yellow Card, which currently operates in Nigeria and over 15 other African countries, had already initiated discussions with Nigeria’s Securities and Exchange Commission (SEC) regarding operating a cryptocurrency exchange.
The SEC invited applications for licenses from issuers, custodians of digital assets, and exchanges.
However, Yellow Card faced an obstacle in the form of needing a bank account to apply for a Virtual Asset Service Provider license, which was not possible under the previous ban.
In a circular issued on Friday, the Central Bank of Nigeria directed banks to open accounts for crypto firms, overturning the previous order
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