Yes. We found no Nigerian law that bans holding or trading crypto, and the Investments and Securities Act 2025 puts digital assets under the SEC as securities. Banks have been allowed to serve licensed crypto businesses since December 2023.

The Act was assented on 25 March 2025. Its text counts “virtual and digital assets” as securities and tells the SEC to register digital asset exchanges, virtual asset service providers and digital asset operators. It sets no minimum capital; the SEC does that by circular. The Act’s general penalty for capital market breaches is an administrative fine of at least 20 million naira, and promoters of pyramid and Ponzi schemes face at least 20 million naira, 10 years in prison or both.

The banking side moved the other way twice. In February 2021 the Central Bank of Nigeria (CBN) told banks to close the accounts of people and firms dealing in crypto, which did not ban crypto itself. On 22 December 2023 a CBN circular reversed it: banks may open designated accounts for virtual asset service providers that hold an SEC licence, though banks still may not hold or trade crypto themselves. We read the circular through a news report, because the CBN site did not load for us.

Nigeria was removed from the Financial Action Task Force grey list at its October 2025 plenary. The sections below cover who holds approval, who refuses Nigerians, the products that are cut, enforcement, betting law and tax.

Which crypto exchanges work in Nigeria?

Most of the exchanges we track serve Nigeria, but none shows a final Nigerian licence. SEC Nigeria’s incubation programme admits firms on approval-in-principle, which the SEC says is not a licence.

The SEC’s register page (published 25 May 2025) lists Busha and Quidax as participants in the Accelerated Regulatory Incubation Programme (ARIP) for digital asset exchange, and gives no licence type for either. A circular of 2 July 2026 admitted seven more firms, including Luno Nigeria, and says approval-in-principle “is not a final licence”. Nairametrics counted 14 participants on 15 August 2026. We found no source naming a fully licensed exchange, and no register page that lists one.

Table of tracked exchanges and their position with SEC Nigeria. Binance: Binance Nigeria Limited, called unregistered by the SEC on 9 June 2023, limited. KuCoin: KuCoin Nigeria Limited, conditional approval-in-principle into the incubation programme on 13 October 2026, available. OKX: no Nigerian company found and not among the 14 incubation firms listed on 15 August 2026, available. Also in the programme but not tracked: Quidax, Busha, Luno Nigeria, Yellow Card and others. Approval-in-principle is not a final licence.

KuCoin says in a post of 13 October 2026 that KuCoin Nigeria Limited received conditional approval-in-principle, that this does not let it onboard clients or offer services to the Nigerian public yet, and that KuCoin’s global products will not be available through it unless the SEC separately clears them. Binance was called unregistered by the SEC in June 2023, and we found no Nigerian licence or incubation entry for it. We found no Nigerian company for OKX.

Best crypto platforms for Nigerian residents

By our access score, eleven exchanges tie at 8.0 out of 10 for Nigerian residents, with Coinbase (6.9) and Binance (6.3) behind because of a product cut and the end of naira trading. Polymarket, Kalshi and every DeFi pick also score 8.0, because no platform has a Nigerian licence on file.

The score rates how fully a Nigerian resident can use each platform, not its fees or safety. It is computed from our data and moves when a row changes: access status (4 points), the share of the platform’s products open here (3), the Nigerian licences we hold on file (2) and what our geo-access test saw from a Nigerian address (1). We hold no licence row for Nigeria, so every platform scores 0 on licences. Platforms that refuse Nigerian residents are not scored. The full method is on our methodology page.

Exchanges

  1. Bitfinex

    Best for Spot access under global terms

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Nigeria is not a prohibited jurisdiction in its terms

    Cons

    • No Nigerian licence on file
    Read our Bitfinex report

  2. Bitget

    Best for Spot and derivatives under global terms

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Not on its prohibited-countries list of 16 October 2026

    Cons

    • No Nigerian licence on file
    Read our Bitget report

  3. Bitstamp

    Best for Plain spot trading

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • No Bitstamp document excludes Nigeria

    Cons

    • No Nigerian licence on file
    Read our Bitstamp report

  4. Bybit

    Best for Spot and derivatives under global terms

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Nigeria is not on its excluded-jurisdictions list

    Cons

    • No Nigerian licence on file
    Read our Bybit report

  5. Crypto.com

    Best for Spot trading in the app

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Nigeria is not on its App geo-restriction list

    Cons

    • No Nigerian licence on file
    Read our Crypto.com report

  6. Gate

    Best for Spot and derivatives under global terms

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Not named in its restricted locations

    Cons

    • Its list is non-exhaustive
    • No Nigerian licence on file
    Read our Gate report

  7. HTX

    Best for Spot and derivatives under global terms

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Not on the restricted lists in its user agreement

    Cons

    • No Nigerian licence on file
    Read our HTX report

  8. Kraken

    Best for Spot trading outside the Nigerian regime

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Nigeria is not on its do-not-serve list

    Cons

    • Its site was briefly blocked in Nigeria in February 2024
    Read our Kraken report

  9. KuCoin

    Best for A global exchange with a local entity in progress

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • KuCoin Nigeria has SEC conditional approval-in-principle
    • Not a restricted location in its terms

    Cons

    • That approval does not yet let KuCoin Nigeria onboard clients
    Read our KuCoin report

  10. MEXC

    Best for Spot and derivatives under global terms

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Not on its prohibited list of 13 October 2026

    Cons

    • No Nigerian licence on file
    Read our MEXC report

  11. OKX

    Best for A global exchange that has returned

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Nigeria is not on its restricted list of 8 July 2026

    Cons

    • Ended Nigerian service in August 2024
    • Access reported restored in July 2026 with no stated legal basis
    Read our OKX report

  12. Coinbase

    Best for Spot trading with a US-listed brand

    6.9/10
    Access
    4/4
    Products
    2.4/3
    Licences
    0/2
    Our test
    0.5/1

    Pros

    • Nigeria is a listed sign-up country in its identity verification guide

    Cons

    • Our test saw stocks and prediction markets marked unavailable
    Read our Coinbase report

  13. Binance

    Best for Trading with crypto you already hold

    6.3/10
    Access
    3/4
    Products
    2.3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Nigeria is not on its prohibited list

    Cons

    • Naira deposits, withdrawals and pairs ended in March 2024
    • The SEC called Binance Nigeria unregistered in June 2023
    Read our Binance report

Prediction markets

  1. Kalshi

    Best for US-regulated event contracts

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Nigeria is not on its restricted-jurisdictions list

    Cons

    • No Nigerian regulator position found
    Read our Kalshi report

  2. Polymarket

    Best for Global event markets from a wallet

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Nigeria is not on its blocked-countries list

    Cons

    • No Nigerian regulator position found
    Read our Polymarket report

DeFi

  1. Aster

    Best for Perpetuals and spot trading

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Perpetuals load in the trading app in our test

    Cons

    • Prediction trading is barred under its prediction rules
    Read our Aster report

  2. Hyperliquid

    Best for Perpetuals from your own wallet

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Not blocked in our geo-access test

    Cons

    • No Nigerian licence on file
    Read our Hyperliquid report

  3. Jupiter

    Best for Solana swaps

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Nigeria is not named in its terms

    Cons

    • No Nigerian licence on file
    Read our Jupiter report

  4. Lighter

    Best for Perpetuals on its trading app

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Not named in its terms
    • The trading app loaded in our test

    Cons

    • No Nigerian licence on file
    Read our Lighter report

  5. PancakeSwap

    Best for BNB Chain swaps and pools

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Its terms bar only people and places under US sanctions

    Cons

    • No Nigerian licence on file
    Read our PancakeSwap report

  6. Uniswap

    Best for Swapping tokens from your own wallet

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Its terms bar only places under comprehensive US sanctions

    Cons

    • No Nigerian licence on file
    Read our Uniswap report

Which platforms block Nigerian users?

Gemini is the only tracked platform that refuses Nigerian residents outright, because Nigeria is not on its list of supported countries. Binance is limited, and Coinbase withholds one product.

Gemini’s areas of availability list only Egypt, Ghana and South Africa in Africa, so Nigerian residents cannot open an account. Binance ended all naira services in March 2024: naira deposits stopped on 5 March, withdrawals on 8 March, and remaining balances were converted to USDT. It still lists no restriction on Nigeria itself.

State action has been indirect. In February 2024 Nigerian users briefly lost access to Binance, Kraken and Coinbase, and the sites came back. We found no standing order that blocks a tracked platform today.

Platforms that refuse or limit Nigerian residentsPick one to see what the record says
PlatformStatusTypeWhat the record saysNigerian option
GeminiRestrictedExchangeNigeria is not on either of Gemini’s lists of supported countries–
BinanceLimitedExchangeAll naira deposits, withdrawals and pairs ended in March 2024Trade with crypto you already hold
CoinbaseLimitedExchangePrediction markets and stocks marked unavailable in our test; spot stays openSpot trading

Source: platform documents and our geo-access test, verified 17 October 2026.

What our geo-access test saw from Nigeria

From a Nigerian address on 14 and 16 October 2026 we loaded 21 of the 22 platforms we track: 20 with no barrier, and Coinbase with a notice about stocks and prediction markets. We did not test Gemini.

An open page is not permission, and most platforms enforce at identity verification, so a loading home page does not mean an account will pass checks. OKX loaded cleanly even though it left the country in 2024, and Binance loaded even though its naira services have ended. Swipe through the screenshots below; each card says what the page showed.

What each platform showed us from hereScreenshots from our geo-access test, 14 Oct 2026 and 16 Oct 2026. Scroll sideways or use the arrows.
Sign-up page of Binance loaded from Nigeria: Nigeria: the sign-up form opens, although naira trading ended in March 2024

No barrierBinance · Sign-up page

Nigeria: the sign-up form opens, although naira trading ended in March 2024

14 Oct 2026 · HTTP 202 · Binance located us in Nigeria

Home page of Bitstamp loaded from Nigeria: Nigeria, one of the countries no Bitstamp document excludes

No barrierBitstamp · Home page

Nigeria, one of the countries no Bitstamp document excludes

16 Oct 2026 · HTTP 200

Sign-up page of Coinbase loaded from Nigeria: Nigeria: the sign-up form opens as it does everywhere we tested

No barrierCoinbase · Sign-up page

Nigeria: the sign-up form opens as it does everywhere we tested

14 Oct 2026 · HTTP 200

Home page of KuCoin loaded from Nigeria: Nigeria: KuCoin loads, though its Nigerian entity may not yet onboard clients

No barrierKuCoin · Home page

Nigeria: KuCoin loads, though its Nigerian entity may not yet onboard clients

14 Oct 2026 · HTTP 200

Home page of OKX loaded from Nigeria: Nigeria: the OKX home page loads with no notice

No barrierOKX · Home page

Nigeria: the OKX home page loads with no notice

14 Oct 2026 · HTTP 200

CRYPTORESTRICTIONS

Who regulates crypto in Nigeria?

The SEC licenses and supervises digital asset businesses, the CBN governs how banks deal with them, the Nigeria Revenue Service taxes them, and the courts and the anti-corruption agency handle enforcement.

Timeline in three lanes. SEC, 9 June 2023: Binance called illegal (Not registered). SEC, 25 March 2025: ISA 2025 (Digital assets are securities). SEC, 2 July 2026: Seven firms enter ARIP (Not final licences). CBN, Feb 2021: Accounts ordered shut (Banks cut off exchanges). CBN, 22 December 2023: Ban reversed (VASP account rules). Courts and tax, 14 June 2024: Charges dropped (Binance executives). Courts and tax, 23 October 2024: Gambaryan freed (Laundering charge dropped). Courts and tax, 9 July 2026: Tax case adjourned (To 24 September 2026). Courts and tax, 31 July 2026: NRS crypto tax rules (Guidelines issued).

  • SEC Nigeria. Registers digital asset exchanges and service providers under the 2025 Act. Its register page lists Busha and Quidax in ARIP, and it admitted seven more firms on 2 July 2026. It raised minimum capital on 16 January 2026 (see the products section). In the CBEX collapse of April 2025 TechCabal reports the SEC called the scheme unregistered and the anti-corruption agency, the EFCC, pursued its operators.
  • Central Bank of Nigeria. Sets the rules for bank accounts of licensed providers and keeps banks out of holding crypto.
  • Nigeria Revenue Service (NRS). The successor to the Federal Inland Revenue Service. It issued its virtual asset tax guidelines on 31 July 2026 (see the tax section).
  • Courts. The Binance case runs in the Federal High Court in Abuja. The tax-evasion charges against two Binance executives were dropped on 14 June 2024 and refiled against Binance alone; the laundering charge against Tigran Gambaryan was dropped on 23 October 2024. DL News reported a civil demand of about $81 billion. On 9 July 2026 the court adjourned the tax case to 24 September 2026 for a settlement report or continuation. We found no report of that hearing, so the outcome is unknown, and the allegations are the state’s, not a finding.

Which crypto products are limited in Nigeria?

The bank side is the tight one: banks may serve licensed crypto firms but may not hold or trade crypto. On the platform side, Binance’s naira trading is gone and exchanges face a higher capital floor.

Ledger of four rules. Banks holding crypto: banned, banks may serve licensed exchanges, not hold or trade crypto, 22 December 2023. Naira trading on Binance: ended, deposits, withdrawals and naira pairs discontinued, March 2024. Coinbase prediction markets: not available, coinbase showed our nigerian test address a notice, 14 October 2026. Exchange minimum capital: due, ngn 2 billion for exchanges and custodians, up from 500 million, 30 June 2027.

  • Banks. The 22 December 2023 circular bars banks from holding or trading crypto on their own account, while letting them open designated accounts for SEC-licensed providers.
  • Naira trading. Binance ended its naira services in March 2024 (see the blocked platforms section). We hold no equivalent source for other platforms’ naira peer-to-peer markets.
  • Capital. Nairametrics reports that the SEC’s circular of 16 January 2026 raised the minimum capital for exchanges and custodians to 2 billion naira from 500 million, with compliance due by 30 June 2027. We did not locate the circular itself.
  • Incubation firms. KuCoin Nigeria and the other approval-in-principle firms may not yet onboard clients or hold client assets until their conditions are met, per the SEC circular and KuCoin’s own post.

The law is unsettled. The National Lottery Act of 2005 counts sporting-event outcomes as a lottery, and we found no ruling by a Nigerian regulator on Polymarket or Kalshi, both of which are open to Nigerians.

Status of three platforms with prediction markets for Nigeria: Polymarket available, Kalshi available, Coinbase prediction markets not available. Local products: Busha Signal launched on 3 August 2026 and is licensed by the Lagos State Lottery and Gaming Authority; Luno launched a daily Bitcoin and Ether up-or-down product in March 2026 with the regulator view unclear; Bayse Markets operates with no regulator statement found. The National Lottery Act 2005 counts sporting-event outcomes as a lottery, with a minimum fine of 50,000 naira for syndicates plus at least one year in prison. We found no ruling by a Nigerian regulator on Polymarket or Kalshi.

The National Lottery Act (in force 30 March 2005) defines a lottery as any game or scheme that distributes prizes by chance or a mix of skill and chance, including schemes based on the outcome of sporting events. It creates the National Lottery Regulatory Commission, makes unlicensed national or interstate lotteries unlawful, and sets a minimum fine of 50,000 naira and at least one year in prison for syndicates. The text does not name prediction markets, and we do not know how the Commission would apply it to one.

Local products have gone to the state level. Busha launched Signal on 3 August 2026, which Nairametrics describes as licensed by the Lagos State Lottery and Gaming Authority; the report gives no licence number or scope. Luno launched a daily Bitcoin and Ether up-or-down product in March 2026, and WeeTracker says it is unclear how regulators will treat it. Polymarket and Kalshi list no Nigerian restriction, and Coinbase showed our test address that prediction markets are not available.

How is crypto taxed in Nigeria?

Individuals pay income tax on crypto gains at progressive rates and companies pay 30%. Since the Nigeria Revenue Service guidelines of 31 July 2026, platforms must withhold tax on sales and yield and collect VAT on their fees.

Column chart of Nigerian personal income tax rates by slice of income under the Nigeria Tax Act 2025: 0% up to 800,000 naira, then 15% to 3 million, 18% to 12 million, 21% to 25 million, 23% to 50 million and 25% above. Key facts from the Nigeria Revenue Service guidelines of 31 July 2026: 1% withholding on sales of crypto, security tokens and NFTs, 10% on staking, mining and DeFi yield, 1.5% stamp duty on token to fiat transfers, and 30% company income tax with 0% for small companies. Stablecoin sales carry no withholding.

The Nigeria Tax Act 2025 was signed on 26 June 2025 and took effect on 1 January 2026. Its personal income tax bands run from 0% on the first 800,000 naira to 25% above 50 million naira, as the chart shows. The NRS issued its Guidelines on the Taxation of Virtual Assets (Information Circular 2026/21) on 31 July 2026 and made them public on 3 August. We could not read them on the NRS site, which served a bot check, so the figures below come from two law-firm summaries, Infusion Lawyers and Mondaq, which do not state an effective date.

  • Withholding on sales. 1% of gross proceeds from selling crypto, security tokens and NFTs, deducted by the platform or escrow operator. Stablecoin sales carry no withholding.
  • Passive income. 10% on staking, mining and DeFi yield, deducted by the distributor where it is a licensed platform. Where nothing is deducted, for example a non-resident payer, you declare it yourself.
  • Stamp duty and VAT. Infusion Lawyers reports 1.5% stamp duty on token-to-fiat and fiat-to-token transfers, borne by the receiving party. VAT applies to platform fees, not to the transfer of ownership.
  • Tax ID. People active in virtual assets must register for tax, and platforms must require a valid Tax ID before activating an account.
  • Companies. 30% company income tax, and 0% for small companies under section 56 of the Act, per Infusion Lawyers.

The sequence below follows what those summaries state:

Working out your crypto tax in NigeriaFor an individual, from the sources above
StepDetail
Get a Tax IDPlatforms must require a valid one before activating your account
Expect tax withheld at source1% of proceeds on sales of crypto, security tokens and NFTs; none on stablecoin sales
Declare income nobody withheld onStaking, mining and DeFi yield is withheld at 10% only when a licensed platform pays it
File your annual returnTax on gains is due at the progressive rates, with withheld amounts credited against the final bill

Source: Infusion Lawyers and Mondaq, checked 17 October 2026.