Nigerian-based cryptocurrency exchange, Roqqu, finally made its debut in South Africa following regulatory approval as regards on and off-ramps to South Africa’s rand currency as per a report.
South Africa 🇿🇦 is one of the biggest crypto and blockchain adopting countries in Africa; and today, @roqqupay just received regulatory approval to operate in South Africa 🇿🇦 🚀 🚀🚀#RoqqucomingtoSA🇿🇦 pic.twitter.com/D6rdiIkAFZ
— Roqqu (@roqqupay) April 20, 2023
According to the latest framework, Roqqu is now permitted to offer services allowing crypto users to purchase cryptocurrencies and withdraw funds with the country’s fiat currency, the South African rand.
The move comes as a part of Roqqu’s global expansion plan, which aims to provide users with a secure and seamless cryptocurrency trading experience across different countries, perhaps turning itself into a challenger to Binance’s domination on the African continent.
Roqqu has become one of the fast-growing cryptocurrency exchanges that provide a platform for users to buy and sell cryptocurrencies with ease.
The exchange was founded in 2019, and has quickly transformed itself into a leading cryptocurrency exchange in Nigeria, offering a range of cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and many more.
With the launch of its services in South Africa, Roqqu aims to replicate its success in Nigeria and expand its reach across the African continent.
More importantly, Roqqu aims to tap into this growing demand for cryptocurrencies and provide users with a secure and reliable platform to buy and sell digital assets.
At present, the exchange has received regulatory approval from the Financial Intelligence Centre (FIC) and the South African Revenue Service (SARS), ensuring that it meets the necessary compliance requirements.
Growth and Expansion of Crypto Exchanges
In recent times, cryptocurrency exchanges have continued to make their debut and secure approval in different countries. Crypto.com exchange bagged approval to provide cryptocurrency services in Italy.
In the same vein, Binance acknowledged the receptive actions of France as regards pro-crypto regulation and its renewed support for digital assets.
Meanwhile, the South African cryptocurrency market is one of the largest in Africa and has witnessed significant growth in recent years.
Despite the regulatory challenges faced by the industry, the South African market has seen a surge in demand for cryptocurrencies, with many users seeking to diversify their investments and hedge against currency fluctuations.
There is no mincing word that the launch of Roqqu’s services in South Africa is a significant milestone for the company, as it expands its operations beyond Nigeria and positions itself as a leading cryptocurrency exchange in Africa.