Yellow Card Exchange to Seek Licensing as Nigeria Lifts Crypto Ban

Godfrey Benjamin
December 23, 2023
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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With the Central Bank of Nigeria (CBN) lifting its ban on cryptocurrency transactions for banks in the country, Pan-African crypto trading platform, Yellow Card Exchange is now exploring avenues to get licensed in the most populous African nation.

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Yellow Card Exchange Eyeing First Mover Advantage

As a trading platform with a mission to dominate Africa, Yellow Card Exchange is exploring avenues to leverage the first-mover advantage with the pursuit of licensing. Despite being a dominant player in Africa, offering experiences similar to Jack Dorsey’s Cash App, Yellow Stone has been limited in Nigeria owing to the uncertain regulatory provisions.

This trend is about to change as confirmed by Ogochukwu Umeokafor, the exchange’s Director of Product Management. 

“You’ve waited for something and it has come true and we’ll jump on it immediately,” Ogochukwu said in a phone interview with Bloomberg. “We want a regulated environment because it’ll help the business move; it will help people have more confidence in doing business with us.”

The exchange has started the process of seeking approval for its business with the Nigerian Securities and Exchange Commission (SEC), however, this move has remained stalled since the firm needed to maintain a functional corporate account which per the earlier CBN stance was impossible. 

With the ban lifted, commercial banks in the country are now allowed to open accounts for Virtual Assets Service Providers (VASPs) and crypto traders will also have no fear of their assets being seized as was once the norm. Besides Yellow Card Exchange, other trading platforms might also make their entry into the Nigerian market to capitalize on the highly crypto-savvy population.

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Nigeria to Reclaim its True Crypto Lead

With the ban lifted, Nigeria can now truly take the lead as the major hub driving crypto trading on the African continent. Different reports peg the Nigerian crypto trading statistics in line with other global crypto hubs like Indonesia and Brazil.

As part of the country’s leanings toward the emerging world of crypto, the CBN ranked as the first apex bank in Africa to launch a Central Bank Digital Currency (CBDC) dubbed the e-Naira. In all, the positive disposition of the masses toward Bitcoin has attracted numerous humanitarian projects to the West African giant.

These trends are here to reposition the country as the true pioneer in the crypto ecosystem.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.