Nigeria SEC Adds KuCoin, GIGX to Crypto Sandbox
Nigeria’s SEC admitted KuCoin Nigeria and GIGX Technologies into its ARIP sandbox on July 2, expanding supervised virtual asset firms to nine.
On July 2, Nigeria’s Securities and Exchange Commission admitted KuCoin Nigeria Limited and GIGX Technologies into its Accelerated Regulatory Incubation Program (ARIP). Both firms received approval-in-principle and may operate provisionally under SEC supervision while they pursue full registration.
ARIP is a supervised testing environment that allows digital asset firms to run operations under regulatory oversight instead of receiving immediate full licences. During the incubation period the SEC monitors how firms manage customer funds, apply anti-money-laundering controls and address operational risks.
To qualify for ARIP, applicants must demonstrate adequate shareholders’ funds for their service category, maintain a valid fidelity bond covering at least 25% of those funds, operate a physical office in Nigeria, appoint a resident chief executive officer and show registration with the Nigerian Financial Intelligence Unit. The SEC will continue to assess firms’ compliance with these requirements throughout the incubation period.
With the addition of KuCoin and GIGX, the program now supervises nine entities: Luno Nigeria, KuCoin, GIGX, Bitbarter, Getequity, Koinkoin, Wrapped CBDC, Trovotech and Blockvault Custodian. The SEC noted that approval-in-principle does not amount to full legal authorisation for all crypto platforms and advised consumers to confirm whether a provider is recognised under the commission’s framework before using its services.
Ayotunde Alabi, chief executive officer of Luno Nigeria, described ARIP admission as giving the company “a clearer regulatory pathway, strengthens trust with customers and partners, and provides a stronger foundation for the next phase of our growth, particularly as we expand our focus on institutional and B2B opportunities.”
The ARIP builds on Nigeria’s broader work on virtual asset licensing by allowing regulators to assess custody practices, client protections and anti-money-laundering controls before deciding on full operational licences.
The material on GNcrypto is intended solely for informational use and must not be regarded as financial advice. We make every effort to keep the content accurate and current, but we cannot warrant its precision, completeness, or reliability. GNcrypto does not take responsibility for any mistakes, omissions, or financial losses resulting from reliance on this information. Any actions you take based on this content are done at your own risk. Always conduct independent research and seek guidance from a qualified specialist. For further details, please review our Terms, Privacy Policy and Disclaimers.
Articles by this author
