Oyo State, Nigeria – October 13, 2026 -- KuCoin Nigeria Limited has received conditional Approval-in-Principle (AIP) from the Securities and Exchange Commission, Nigeria (SEC Nigeria) for admission into its Accelerated Regulatory Incubation Programme (ARIP), but the approval does not allow it to operate in the country.
AIP is not a licence and does not permit client onboarding
SEC Nigeria's conditional AIP is not a final registration, licence, endorsement or recommendation. It does not authorise KuCoin Nigeria to commence operations, onboard clients or offer services to the Nigerian public. The company states that admission into ARIP does not assure or predetermine the grant of formal registration.
Until all pre-commencement conditions are met and any further written clearance is obtained from SEC Nigeria, KuCoin Nigeria will not list digital assets, enable trading or peer-to-peer services, process fiat on- or off-ramp transactions, hold client assets or launch public-facing services. Proposed products, digital assets, trading pairs, custody and wallet structures, fiat gateway arrangements and order-book-sharing arrangements remain subject to further review and written no-objection.
KuCoin Nigeria demonstrated its platform model to the regulator during the AIP review
As part of the review, KuCoin Nigeria presented elements of its proposed platform and operating model. The demonstration covered proposed products and services for Nigeria, customer onboarding procedures, fiat on- and off-ramp arrangements, technology infrastructure, and governance and risk management structures.
KuCoin cites MiCAR and AUSTRAC status as separate authorisations
KuCoin pointed to its regulatory positions elsewhere. KuCoin EU has received authorisation under MiCAR, enabling regulated crypto-asset services across the European Union. In Australia, KuCoin operates through Axis One Markets Pty Ltd, which is registered with AUSTRAC as a digital currency exchange provider.
The company stressed that each authorisation applies solely to the relevant entity and jurisdiction, and that none authorises KuCoin Nigeria to operate in Nigeria. KuCoin's global products and services are not offered through KuCoin Nigeria and will not be available in Nigeria unless separately reviewed and, where required, cleared in writing by SEC Nigeria.
CEO BC Wong frames the AIP as a compliance milestone
KuCoin CEO BC Wong said the AIP marks another milestone in the company's global compliance journey and that the company will continue building in line with Nigeria's evolving regulatory framework.
KuCoin's participation in ARIP and any activities under the programme remain within the scope specified by SEC Nigeria, subject to its conditions and ongoing regulatory, operational and supervisory obligations.