Cryptocurrency Licensing in Nigeria: Rules, Risks, and Real Platforms

When it comes to cryptocurrency licensing in Nigeria, the official stance from the Central Bank of Nigeria (CBN) bans banks from servicing crypto businesses, but doesn’t outlaw holding or trading crypto outright. Also known as Nigerian crypto regulation, it’s a gray zone where enforcement is patchy and compliance is often ignored—unless you’re trying to run an exchange or accept payments at scale. Unlike countries that have clear licensing frameworks like the U.S. or Singapore, Nigeria hasn’t issued a single official license to a crypto exchange. That doesn’t mean crypto is dead here—it’s thriving underground. But if you’re a business owner or investor, you’re walking a tightrope between opportunity and legal risk.

Most platforms claiming to be "licensed" in Nigeria are either misrepresenting their status or using offshore licenses to appear legit. Take BTRL crypto exchange, a platform with no website, no security details, and zero regulatory oversight. It’s a red flag pattern you’ll see over and over: fake branding, no team, no audits. The same goes for BITEJIU, a crypto exchange with no verified presence, user reviews, or licensing documents. These aren’t startups—they’re scams built to vanish after collecting deposits. Meanwhile, real players like Oasis Pro Markets, a U.S.-regulated platform for tokenized assets, don’t even operate in Nigeria because they can’t comply with local rules. That tells you something: if a platform is truly compliant, it’s probably not targeting Nigeria.

So what does cryptocurrency licensing in Nigeria actually look like? Right now, it’s mostly about avoiding trouble. The Nigerian Financial Intelligence Unit (FIU-IND) tracks crypto transactions and can freeze accounts linked to unregistered platforms. Tax compliance is mandatory—if you profit from crypto, you owe taxes. But there’s no formal registration process for exchanges. That’s why so many Nigerian traders use international platforms like Binance or KuCoin, even though they’re not licensed locally. The government’s focus isn’t on approving crypto—it’s on stopping money laundering and tracking tax evasion. If you’re building a business, don’t assume licensing is coming. Build for compliance anyway: use KYC, avoid bank transfers, and keep records. The next big move from regulators could be harsher than you think.

What you’ll find below isn’t a list of licensed exchanges—because there aren’t any. Instead, you’ll see real reviews of platforms that claim to be safe, the scams that look like them, and the legal realities Nigerian users face every day. No fluff. No promises. Just what’s happening on the ground.