Regulation
Cryptocurrency Exchange OKX Shuts Down in Nigeria
Cryptocurrency exchange OKX has announced its withdrawal from Nigeria due to local laws, amid a recent crackdown on digital asset services in the country. This adds to the ongoing regulatory debacle facing cryptocurrency companies in the Nigerian market. The exchange has issued instructions to users as its local entity winds down operations.
OKX leaves Nigeria
In a July 17 email to customers, OKX informed users that it was shutting down services in Nigeria after gaining access to local policies. Starting August 16, OKX customers 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 have decided to discontinue OKX services in Nigeria following recent changes to local laws and regulations. This decision is based on our ongoing assessment of the policies in each market we serve.”
The exchange also outlined steps for Nigerian users to review their accounts before August 16. Users should close P2P accounts, marginfutures and options, as well as the redemption of all assets from Grow products and the transfer of all assets from OKX to a preferred wallet. After August 16, users will be allowed to make withdrawals, but limited to deposits and associated transactions.
“While your funds remain secure and accessible in your account, we strongly encourage you to withdraw them to your private wallet or accounts on other third-party platforms in August 30, 2024 at 00:00 (PST)”, the email adds.
After August 30, users will need to contact customer service for related actions.
Continued regulation of cryptocurrencies
In May, OKX announced the cessation of centralized cryptocurrency trading services Hong Kong to comply with regulatory requirements. The exchange has advised users not to deposit funds after May 31 along with other guidelines. The situation in Hong Kong is quite different from Nigeria following severe local restrictions that led to the banning of Binance, Coinbase and others. This year, the Nigerian government has intensified its crackdown on cryptocurrency trading services, linking this to a decline in the local currency.
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David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in emerging technologies and has an eye for breaking news. Staying abreast of trends, David has reported on several niches including regulation, partnerships, crypto assets, stocks, NFTs, and more. Outside of financial markets, David enjoys cycling and horse riding.