The regulatory body in Nigeria is warning unlicensed cryptocurrency entities of a crackdown. The move comes as the government seeks to tighten its grip on the cryptocurrency industry in the country. The regulator is urging all crypto businesses to obtain the necessary licenses to operate legally. Failure to comply could result in severe penalties. This development has sparked concerns among cryptocurrency enthusiasts in Nigeria, who fear that the government’s actions could stifle innovation in the sector. It remains to be seen how the situation will unfold in the coming weeks.