Regulation
Crypto Exchange OKX Ceases Operations in Nigeria
Cryptocurrency exchange OKX has announced an exit from Nigeria citing local laws amid a recent crackdown on digital asset services in the country. This adds to the ongoing regulatory debacle faced by cryptocurrency firms in the Nigerian market. The exchange has issued instructions to users as its local entity shuts down operations.
OKX leaves Nigeria
In a July 17 email to clients, OKX informed users that it was suspending services in Nigeria after accessing local policies. Starting August 16, OKX clients will no longer be able to open new trading positions or access services in the country. However, users will be able to withdraw and close open positions.
“We are discontinuing OKX services in Nigeria following recent changes in local laws and regulations. This is based on our ongoing evaluation of policies in each market in which we operate.”
The exchange also highlighted steps for Nigerian users to review accounts before August 16. Users must close P2P, marginfutures and options, as well as redeem all assets from Grow products and transfer all assets from OKX to a preferred wallet. After August 16, users will be allowed to make withdrawals but will be limited to deposits and related transactions.
“While your funds remain safe and accessible in your account, we strongly encourage you to withdraw them to your private wallet or to your accounts on other third-party platforms via 12:00 (PST) August 30, 2024,” the email added.
After August 30, users will need to contact customer service for related actions.
Research on cryptocurrency regulation
In May, OKX announced the cessation of centralized cryptocurrency trading services in Hong Kong to comply with regulatory requirements. The exchange advised users not to deposit funds after May 31, among other guidelines. The situation in Hong Kong is quite different from Nigeria following severe local restrictions that led to the ban of Binance, Coinbase and others. This year, the Nigerian government has stepped up its crackdown on cryptocurrency trading services, linking it to the decline of the local currency.
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David is a financial news contributor with 4 years of experience in Blockchain and cryptocurrency. He is interested in learning about emerging technologies and has an eye for breaking news. Keeping up to date with trends, David has written in several niches including regulation, partnerships, cryptocurrency, stocks, NFTs, etc. Away from the financial markets, David enjoys cycling and horseback riding.