By Kingsley Samuel
Luno Nigeria has received Approval in Principle from the Securities and Exchange Commission, SEC, through admission into the Commission’s Accelerated Regulatory Incubation Programme, ARIP, becoming the first cryptocurrency exchange with a global footprint to achieve the milestone in Nigeria.
The approval marks a significant step in the company’s regulatory journey and positions it to operate within the SEC’s regulatory framework while complying with the Commission’s ongoing oversight and conditions.
Luno said its admission into ARIP followed an extensive engagement process with the regulator and reflects its commitment to operating within Nigeria’s evolving digital asset ecosystem.
The company, which has operated in Nigeria since 2015, said the approval provides greater regulatory clarity as it expands beyond retail cryptocurrency trading into institutional and business-to-business digital asset services.
Chief Executive Officer of Luno Nigeria, Ayotunde Alabi, described the approval as a major milestone for the company.
“This is an important milestone for Luno Nigeria and a strong validation of our commitment to building responsibly in one of Africa’s most important cryptocurrency markets.
“Admission into ARIP gives us a clearer regulatory pathway, strengthens trust with customers and partners, and provides a stronger foundation for the next phase of our growth, particularly as we expand our focus on institutional and B2B opportunities.
“We are grateful to the SEC for its continued engagement and to everyone across Luno whose hard work, resilience and commitment helped us get to this point,” Alabi said.
According to the company, regulatory certainty has become increasingly important as it engages banks, fintech firms, payment providers, asset managers and corporate organisations seeking compliant digital asset solutions.
It noted that the approval would support the expansion of services such as stablecoin applications, treasury management solutions, crypto-as-a-service offerings and secure access to digital assets for institutional clients.
The Accelerated Regulatory Incubation Programme is a regulatory sandbox established by the SEC to fast-track the onboarding of digital asset service providers and other investment technology firms.
It allows innovative financial technology companies to operate under regulatory supervision while the Commission assesses new business models and technologies before granting full authorisation.
Luno said its admission into the second batch of the programme builds on Nigeria’s digital asset licensing framework introduced in 2024 and demonstrates the country’s commitment to creating a transparent and regulated environment for the cryptocurrency industry.
Founded in 2013, Luno operates across Africa and Asia, providing cryptocurrency trading and other digital asset services to retail and institutional customers. The company is part of the Digital Currency Group and says it serves millions of users globally.
