The conditional approval allows KuCoin to advance through the review process, though it does not grant the company a license to operate. During the evaluation, the firm provided details regarding its proposed operating model, including onboarding procedures, technology infrastructure, and governance structures. SEC Nigeria maintains that this status is not a final endorsement or authorization to offer services to the public, and the exchange remains prohibited from onboarding clients or processing fiat transactions until all pre-commencement conditions are met.
BC Wong, CEO of KuCoin, stated that the move reflects a broader commitment to strengthening compliance frameworks. The company is currently navigating regulatory environments elsewhere, including MiCAR authorization in Europe and registration with AUSTRAC in Australia. While these international milestones provide a operational template, the firm must satisfy separate Nigerian requirements before establishing a footprint. Future product offerings, including trading pairs and custody arrangements, remain subject to further written no-objection from local regulators.
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