Crypto Exchange Roqqu Receives Regulatory Approval to Operate in South Africa

Nigerian crypto exchange company Roqqu has received regulatory approval to operate and provide crypto-related services in South Africa, as it expands its operations.

Announcing its regulatory approval to operate in South Africa, the crypto exchange took to its Twitter handle to announce the news.

Roqqu wrote, “South Africa is one of the biggest crypto and blockchain adopting countries in Africa and today Roqqu just received regulatory approval to operate in South Africa”.

With Roqqu’s expansion to South Africa, the crypto exchange will allow users to buy cryptocurrencies such as Bitcoin, Ethereum, and USD Coin, allowing users to withdraw funds using South African currency Rand.

Investors King understands that Roqqu has prioritized South Africa as a key target in its quest to dominate the African market. The head of product at Roqqu Mr. Israel Ololade disclosed that during intensive research carried out by the company to streamline strategic cities and countries to pioneer Roqqu’s target of global adoption and borderless transactions, they found the move to South African worthy.

The crypto exchange previously outlined its growth plans, claiming that it aims to reach 5 million clients by 2023 and focus on South Africa as the central location for its expansion.

Apart from South Africa, the crypto exchange has set its sights on Ghana, Kenya, Uganda, and Tanzania for regional expansion in the near future.

Roqqu claims to have over 1.4 million active customers as of January this year. The same month, it received a virtual currency license for the European Economic Area, effectively giving it the green light to operate in over 30 countries. The crypto exchange platform strategy centers on facilitating cross-border transactions through cryptocurrencies, primarily in African countries.