OKX Sets to Discontinue Their Services in Nigeria

OKX, a leading cryptocurrency exchange, has announced that it will be discontinuing its services in Nigeria after recent changes in local laws and regulations. 

The decision comes as a result of an ongoing assessment of the exchange’s operations in the country.

On July 17, around 02:30 PM Nigeria time (PST), OKX sent an email to its Nigerian users sharing the information about terminating services. 

OKX has provided a clear timeline for the shutdown process, urging customers to close any running activities, such as P2P, margin, perpetual, futures, and option positions and orders, as well as pending spot orders. 

The discontinuation of services will take effect from August 16, 2024 by 12 AM (PST), after which Nigerian users will no longer be able to open new trades or utilize any other platform services. on August 16.

Additionally, users are advised to redeem all assets from OKX’s grow products like Earn, Loan, and Jumpstart, and transfer all their assets from their OKX account to another wallet. 

After August 16, no new trades or services will be available, but August 30 is set as the final date for users to withdraw their funds. 

If any customer has funds remaining in their OKX account after this date, they will need to reach out to OKX customer support to retrieve them.

Regulatory Crackdown on Crypto Platforms in Nigeria

This decision by OKX to discontinue their services in Nigeria comes amidst a broader crackdown on cryptocurrency platforms by Nigerian authorities in an effort to protect the struggling Nigerian naira. 

In February, Binance, another major crypto exchange, faced similar issues in Nigeria, leading to the disabling of its peer-to-peer (P2P) function and eventual exit from the Nigerian market.

The Nigerian government’s stance on cryptocurrency has been clear, with authorities claiming that these platforms aid currency speculators who are damaging the Nigerian currency. 

However, the move has been met with criticism from the Nigerian crypto community, who believe that the fight against cryptocurrency is one that the government cannot win.

Read Next: Carbon Discontinues Debit Card Services in Nigeria

Ongoing Challenges and the Future of Crypto in Nigeria

Despite the regulatory challenges, Nigeria remains a significant market for cryptocurrency, with a growing number of users and adoption. 

As the global crypto landscape continues to evolve, it remains to be seen how the Nigerian government will navigate the complexities of regulating this emerging technology while balancing the needs of its citizens and the economy.

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