Yellow Card Exchange to Seek Licensing as Nigeria Lifts Crypto Ban

Yellow Card Exchange is set to seek licensing in Nigeria following the Central Bank of Nigeria’s decision to lift its ban on cryptocurrency transactions for banks in the country. With a mission to dominate Africa’s crypto trading scene, the platform aims to leverage the first-mover advantage by securing a license. Despite being a leading player in Africa, similar to Jack Dorsey’s Cash App, Yellow Card Exchange has faced limitations in Nigeria due to regulatory uncertainty. However, with the ban lifted, the exchange plans to seek approval from the Nigerian Securities and Exchange Commission. This move is expected to attract other trading platforms to enter the Nigerian market and tap into the country’s crypto-savvy population. Nigeria’s lifting of the ban is seen as a significant development, as it allows the country to reclaim its position as a major hub for crypto trading on the African continent. The Nigerian Central Bank has also demonstrated its support for the emerging crypto world by launching a Central Bank Digital Currency called the e-Naira, making it the first apex bank in Africa to do so. As a result, Nigeria’s positive stance towards Bitcoin has attracted various humanitarian projects and positions the country as a true pioneer in the crypto ecosystem.