- OKX, a global cryptocurrency exchange and web3 services provider, has announced it will discontinue its services in Nigeria from August 16, 2024, citing “recent changes in local laws and regulations.”
- The exchange disclosed this information via email to users, stating that the move is based on its ongoing assessment of policies in the markets it serves.
- From the specified date, OKX Nigeria customers will no longer be able to open new positions or access any services on the platform, except for withdrawals and closing/redemption of open positions.
The crypto exchange urged users to review their accounts and complete the applicable steps, outlining four applicable steps: close any P2P, margin, perpetual, futures, and options positions and orders; close any USDT, DAI, and EURT spot orders; redeem all assets from Grow products, including Earn, Loan, and Jumpstart; transfer assets out of your OKX account to a wallet of your choice.
After August 16, 2024, OKX stated that users can no longer deposit or transact otherwise.
However, the exchange stated that users' funds remain secure and accessible in their accounts, but they must withdraw them by August 30, 2024. After this date, users must contact OKX customer service teams for any account-related actions.
“We strongly encourage you to withdraw or transfer funds before this date, as remaining balances may be subject to further restrictions in accordance with our Terms of Service along with local laws,” OKX said.
Aside from OKX, other global crypto exchanges are facing a strict environment in Nigeria. Just two weeks ago, KuCoin informed its Nigerian users that it would start charging a value-added tax (VAT) of 7.5% in addition to 0.1% transaction charges, applicable to several transactions on its platform. KuCoin revealed the VAT addition is a regulatory update in Nigeria.
Before that, in May 2024, KuCoin suspended all peer-to-peer (P2P) Nigerian naira (NGN) services and Fast Buy services using naira cards on its platform as it accelerates compliance process at the exchange.
Binance, however, is not left out. After halting P2P services, in March 2024, it discontinued all Nigerian naira services and now faces legal action with the Nigerian authorities over money laundering and tax evasion charges, in which one of its executives, Tigran Gambaryan, remains detained in Kuje correctional centre in Abuja.
