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Cryptogambling / European crypto exchange WhiteBIT enters Nigerian market

European crypto exchange WhiteBIT enters Nigerian market

Publish Date: 05/06/2023

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European cryptocurrency exchange WhiteBIT has expanded its operations to Nigeria, recognizing its strong demand for blockchain technology and its potential as a thriving hub for finance and blockchain advancements.

“Opening a representative office in Nigeria is a logical step in the development of not only WhiteBIT, but the cryptocurrency community as a whole,” said WhiteBIT CEO Volodymyr Nosov.

“Nigeria is a country that understands the prospects that cryptocurrency holds. There is a big public demand for blockchain technology. Nigeria today has all the chances to become the centre of finance and blockchain technology. That is why it is quite logical that WhiteBIT is launching in Nigeria.”

WhiteBIT, one of Europe’s largest cryptocurrency exchanges, facilitates spot, margin and futures trading with a wide range of trading pairs and a maximum daily trading volume of $2.5 billion.

Having received an AAA rating from blockchain security auditor Hacken, WhiteBIT is the second most secure exchange globally. With stringent security measures, including identity verification and two-factor authentication, WhiteBIT claims to ensure transparency and safeguards user accounts.

Crypto scene in Nigeria

Nigeria, which cracked down on crypto trading two years ago, is now considering introducing tokenized coins on exchanges.

This move comes as the country’s authorities explore ways to reset adoption and harness the potential of digital assets. The pilot program aims to create a permissioned liquidity pool that includes tokenized bonds and deposits.

The decision to explore tokenized coins marks a shift from Nigeria’s previous crackdown on the crypto industry in 2021. The country’s central bank had raised concerns about fraud, terrorism financing and volatility associated with virtual currencies. However, authorities now see the potential benefits of regulated digital assets.

The Securities and Exchange Commission of Nigeria (SEC) plans to act as a regulatory incubator, allowing users to trade asset-backed tokens while ensuring investor protection and a level playing field.

Abdulkadir Abbas, the Head of Securities and Investment Services at the Nigerian SEC, explained the regulator’s approach, saying, “We always like to start, as a regulator, with a very simple, clear proposal before we go into the complex ones.”

The Nigerian economy has faced challenges, with the national currency, the Naira, experiencing depreciation against the dollar amid rising inflation. Many young Nigerians have turned to cryptocurrencies as a refuge.

However, the country’s central bank digital currency, the eNaira, has had limited adoption, with less than 0.5 percent of citizens using it, as reported by Bloomberg.

Despite the cautious approach towards cryptocurrencies, the SEC’s openness to tokenized offerings could foster innovation and growth in the industry. The move is expected to make the Nigerian market more accessible and attract foreign exchange into the country.

In a political context, Nigeria recently launched a national blockchain policy, which aims to create a blockchain-powered economy supporting secure transactions, data sharing and value exchange.

“We will reform government policy to encourage the prudent use of blockchain technology in finance and banking, identity management, revenue collection, and the use of crypto assets,” said Nigeria’s newly elected president Bola Tinubu in a manifesto before the 2023 election.

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