This is Follow the Money, our weekly series that unpacks the earnings, business, and scaling strategies of African fintechs, financial institutions, companies, and governments. A new edition drops every Monday.
When you buy cryptocurrencies such as Bitcoin or Ether on a local exchange, you are often trusting the platform with one simple task: to keep your funds safe.
But what happens if the exchange is hacked, freezes withdrawals or suddenly shuts down?
Nigeria’s Securities and Exchange Commission (SEC) wants cryptocurrency companies to have better answers.
Under proposed rules released on August 20, crypto exchanges and other digital asset firms would have to separate customer funds from their own, strengthen how they safeguard cryptocurrencies, and report major losses, cyber incidents, and other material operational failures to the regulator.
