Important information for users about services being discontinued in Nigeria by OKX 🔔

Time’s Up: OKX Ceases Operations in Nigeria 🚫

Effective immediately, OKX has made the tough decision to discontinue its services in Nigeria, pointing to recent regulatory shifts as the primary cause for this drastic action.

For all Nigerian users of the platform, it’s crucial to take swift action by August 30 to withdraw any remaining assets, as they will no longer be accessible after this deadline.

Suspension of Services

Starting August 16, OKX customers in Nigeria will no longer be able to avail themselves of any new services, including opening positions or accounts on the platform. The only option available will be to withdraw assets and settle any outstanding positions.

Users are required to review their accounts and take the necessary steps, which include closing various positions, such as P2P, margin, perpetual, futures, and options.
Additionally, they must close spot orders, redeem assets across all OKX products, and transfer assets to external wallets before August 16.

Failure to transfer assets by August 16 means users must do so before August 30 to avoid any potential restrictions on their remaining balances. The exchange has emphasized the importance of complying with these deadlines to prevent any disruptions to account access.

“After August 30, 2024, you will have to reach out to our customer service teams for any account-related actions. We strongly encourage you to withdraw or transfer funds prior to this date, as remaining balances may be subject to further restrictions in accordance with our Terms of Service along with local laws,” the exchange stated.

Regulatory Challenges in Nigeria 🇳🇬

The decision by OKX to terminate its services in Nigeria follows challenges posed by regulatory obstacles in the country. Just two months ago, the exchange removed the Nigerian naira from its P2P platform due to mounting regulatory pressures. Throughout the year, crypto exchanges in Nigeria have encountered an increasingly stringent regulatory landscape, driven by efforts to stabilize the value of the naira.

Despite OKX’s exit, other crypto exchanges have adapted their operations to continue servicing Nigerian users. For instance, KuCoin recently announced the imposition of a 7.5% tax on transaction fees for Nigerian clients to navigate the regulatory environment. Furthermore, the platform paused its P2P services earlier this year in response to regulatory challenges.

It’s worth noting that OKX has had to close operations in other countries as well, with India being another example where the exchange ceased its services in March due to regulatory crackdowns on digital asset platforms.