Meet Busha, one of the first Nigerian crypto exchanges to get SEC’s virtual assets license

Nigeria’s Securities and Exchange Commission (SEC), during the week, granted licenses of different categories to seven crypto exchanges to operate as a regulated Virtual Asset Service Provider.

According to the regulator which oversees registration and operations in the capital markets, two of those crypto companies have been granted “Approval-in-Principle” to commence operation under the Accelerated Regulatory Incubation Program (ARIP) while 5 others have been admitted to test their models and technology under the SEC’s Regulatory Incubation (RI) Program.

One of the two crypto exchanges to be granted approval in principle is Busha, a local crypto exchange that has been in operation for over five years. The company has expressed its enthusiasm at being selected as Nigeria’s pioneering SEC-licensed virtual asset service provider under the SEC’s Accelerated Regulatory Incubation Program.

See also: SEC grants approval in principle to Quidax, Busha and 5 other Nigerian crypto exchanges

In a statement seen by Technext, the company noted that the license is not just a recognition of its efforts, but also a long-awaited move to sanitize and strengthen the cryptocurrency space in Nigeria. Thus, by aligning with global regulatory expectations, this development is poised to benefit the Nigerian economy, bringing much-needed legitimacy and oversight to the sector.

According to Busha Founder and CEO, Michael Adeyeri, “This provisional license from the SEC is a testament to the rigorous standards we have upheld since day one. Our team has been unwavering in our commitment to fostering a safe, secure, and transparent environment for all users of digital assets in Nigeria.”

Busha survives Nigeria’s perilous crypto space

A Nigerian digital assets service provider, Busha was founded in 2019 by Michael Adeyeri (CEO) and Chief Product Officer (CPO) Moyo Sodipo as a cryptocurrency exchange that offers trading and management of assets on the platform for all types of users.

The company prides itself on offering a secure and user-friendly environment for trading and managing digital assets. Founded with a mission to simplify cryptocurrency for everyone, the exchange says it has continued to be a trusted partner for millions of users in Africa by prioritizing security, transparency, and regulatory compliance, well ahead of any compulsory requirements.

Busha currently boasts over 500,000 verified users on its platform. This is a 150 per cent growth compared to the 200,000 users announced in 2021. It also claims to support over 40 digital assets and has successfully completed more than 3 million trades, a significant increase from 1.5 million completed trades in 2021.

The exchange has several features like the BushaSave where users can earn up to 10 per cent monthly interest on their cash and crypto assets. There is also a savings feature that would allow users to earn interest on their crypto. The platform also has a feature that allows its users to spend cryptocurrency at select online and offline retail outlets.

In November 2021, the company secured $4.2 million in a seed funding round led by Jump Capital with participation from Cadenza Ventures, Blockwall Capital, CMT Digital, Greenhouse Capital and Raba Capital.

The raise was interesting because it came at a perilous time when crypto exchanges were considered endangered companies in Nigeria due to the 2021 crypto ban by the Central Bank of Nigeria. Indeed, at the time, the company said it was eyeing expansion into other West and East African countries to be powered by the new funding.

Crypto exchanges have continued to be considered endangered species in Nigeria with several of them like Binance and KuCoin finally exiting the country due to tight regulatory conditions and a crackdown by the government. But Busha appears to have braved all those storms and presently been rewarded for its steadfastness.

Indeed, the exchange says it is committed to continuing its role as a responsible and positive operator in Nigeria’s capital markets. It also assured that it would continue with its mission to provide users with a secure platform for their digital asset needs while maintaining the highest standards of regulatory compliance and operational excellence.

“Busha promises to remain committed to building a more secure and compliant digital asset ecosystem in Nigeria and across Africa, ensuring that Nigerians and other Africans can trade with confidence and peace of mind,” it said.

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