With reference to “recent changes in local laws and regulations,” OKX, a worldwide cryptocurrency exchange and provider of web3 services, has stated that it will stop operating in Nigeria on August 16, 2024.
Users received this notice via email from the exchange, which explained that the action was taken in response to its continuous evaluation of market policies.
Customers of OKX Nigeria will no longer be able to access any services on the platform or open new positions after the designated date, except for withdrawals and the closing or redemption of open positions.
Read also: Zimbabwe’s Crypto Regulation Consultation
The cryptocurrency exchange asked users to check their accounts and finish the necessary actions. They listed four necessary actions: close any orders and positions related to P2P, margin, perpetual, futures, and options; close any spot orders related to USDT, DAI, and EURT; redeem all Grow product assets, such as Earn, Loan, and Jumpstart; and move assets from your OKX account to a wallet of your choice.
According to OKX, users won’t be able to deposit money or conduct other transactions after August 16, 2024.
Deadline Alert: Withdraw Your Funds from OKX by August 30, 2024
The exchange did note that users’ money must be withdrawn by August 30, 2024, although it is still safe and available in their accounts. Users must get in touch with OKX customer support staff after this date for any account-related needs.
As per OKX’s Terms of Service and local legislation, any leftover balances may be subject to additional restrictions. Therefore, we highly advise you to withdraw or transfer funds before this date.
Read also: Who is Afraid of Cryptocurrency in Nigeria?
Other crypto exchanges face strict regulations
Apart from OKX, other international cryptocurrency exchanges in Nigeria face rigorous regulations. Just two weeks ago, KuCoin notified its Nigerian consumers that starting with multiple transactions on its platform, it will impose a 7.5% value-added tax (VAT) on top of 0.1% transaction fees. According to KuCoin, the VAT inclusion is a Nigerian regulation change.
Before that, in May 2024, KuCoin banned all Fast Buy services utilising naira cards and peer-to-peer (P2P) Nigerian Naira (NGN) services on its platform to expedite the exchange’s compliance procedure.
But Binance is not excluded either. Following the termination of P2P services, the company terminated all Nigerian naira services in March 2024. It is currently facing legal action from Nigerian authorities for money laundering and tax evasion allegations. Tigran Gambaryan, one of its executives, is still being held at the Kuje Correctional Centre in Abuja.
