OKX, one of the leading cryptocurrency exchanges, is shutting down operations in Nigeria. This move comes in response to recent regulatory changes in the country.
What’s Happening?
OKX notified its Nigerian users via email, giving them until the 30th of August to withdraw their assets from the platform. After this date, any remaining balances will be restricted. If you’re in Nigeria and use OKX, you should act fast to secure your funds.
Important Dates and Actions for OKX’s Users
Starting August 16, Nigerian users won’t be able to open new positions, create accounts, or access services on OKX. The only options available will be to withdraw assets and close or redeem any open positions.
Here’s what OKX has asked its Nigerian users to do before August 16, by 12:00 am PST:
- Close all peer-to-peer (P2P) transactions.
- Close margin, perpetual, futures, and options positions.
- Cancel spot orders.
- Redeem assets from all OKX products.
- Transfer assets to external wallets.
If you miss the August 16 deadline, you still have until August 30 to move your assets. But don’t wait until the last minute!
Why is OKX exiting Nigeria?
It’s all about regulation. Due to regulatory issues, OKX removed the Nigerian naira from its P2P platform. This happened barely two months ago. Truly, this year has been a hot one for crypto exchanges with Binance taking more blows than others.
Most crypto exchanges in Nigeria have faced increasing scrutiny as the government aims to prevent further naira devaluation.
While OKX is bowing out, other exchanges are finding ways to adapt. KuCoin, for example, recently announced it would start deducting a 7.5% value-added tax from transaction fees for Nigerian users. They also paused their P2P services for the naira back in May.
It’s not just Nigeria. In March, they shut down services in India due to similar regulatory crackdowns on digital asset platforms.
Final Thoughts
Dear reader, as OKX exits Nigeria, one can only wonder what happens to the future of Nigerian digital finance. Regardless, it’s essential to stay informed and proactive, as a crypto enthusiast in Nigeria or any other country facing similar issues.
And if you’re an OKX user, ensure you follow the necessary steps and take regulatory developments seriously—they can greatly impact how and where you trade.
Till next time!
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