Nigeria: Crypto Exchanges Move to Comply With CBN's Directive On Background Checks, Self-Regulation

Lagos — Cryptocurrency exchanges in Nigeria have commenced complying with the directives of the Central Bank of Nigeria (CBN) on self-regulation and know your customers (KYC) background checks of their users.

Self-regulation in the context of exchanges is the establishment of guidelines and a code of conduct for market participants to operate businesses within the ecosystem. Those guidelines span a broad spectrum, from knowing your customers (KYC) to maintaining transparency to ensuring security against hacks.

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