The Central Bank of Nigeria has selected KuCoin as the only global crypto exchange in its pilot supervisory program for virtual asset service providers.
The initiative includes five local firms and aims to test compliance with anti-money laundering, counter-terrorism financing and FATF standards under direct regulatory oversight.
The pilot will require participants to submit detailed data, undergo audits and implement stricter controls such as Travel Rule compliance for cross-border transactions.
The program is expected to run for six to nine months and is designed to create a structured regulatory environment without granting full licences at this stage.
Authorities aim to transition Nigeria’s crypto sector from fragmented restrictions to a more transparent and risk-based regulatory framework.
KuCoin’s inclusion reflects its significant presence in Nigeria’s crypto market and positions it as a key player in local liquidity and trading activity.
The move also aligns with KuCoin’s broader strategy to strengthen compliance in emerging markets as regulators tighten oversight of global exchanges.
If successful, the pilot could pave the way for formal licensing and deeper integration of crypto platforms into Nigeria’s financial system.