Luno Nigeria wins SEC approval, first global exchange in ARIP

The Central Bank of Nigeria restricted banks from facilitating crypto transactions in early 2021, pushing activity to peer-to-peer platforms and gray markets. The SEC's ARIP framework, launched a year later, signaled a different philosophy: bring crypto under supervision rather than push it underground.

Luno already operates in South Africa and Malaysia, where it has navigated similar regulatory processes. That track record gives it credibility that purely local startups may lack, the company said.

The approval opens the door for Luno to expand beyond basic spot trading in Nigeria. The company is exploring staking services and tokenized stocks as part of its product roadmap, a person familiar with the matter said.

For Nigerian crypto users, the AIP means Luno can offer a wider range of products under SEC oversight, reducing the risk of sudden shutdowns. For other exchanges, the pressure to join ARIP or face enforcement action is now higher, analysts said. The SEC has not set a timeline for finalizing permanent digital asset rules.