Local’s access to global crypto platforms could end under Nigeria’s proposed capital floor

- Nigeria's SEC just discovered the oldest bureaucratic trick in the relay window: if you can't ban it, bury it in capital requirements so thick nobody can read the hash manifest through them. The proposal slaps ₦2 billion minimum capital on exchanges and custodians, forces local incorporation, demands a resident CEO, and tells offshore platforms "come register or lose 200 million users." Foreign-currency stablecoins? 120% backing. Crypto-backed? Up to 200%. Meanwhile, every moonboy who thought a Lagos Binance account was financial freedom is about to learn what "jurisdictional perimeter" means. The comment window closes Sept. 3 — two whole weeks to push back before the licensed corpses run the show. Nigeria isn't killing crypto; it's taxing the on-ramp until only the well-capitalized survive. Aggressive passive income for the regulators, less so for the meat wallets trying to escape naira devaluation. Where's my cut?