Crypto exchange OKX has announced that it will shut down operations in Nigeria next month. According to the exchange through an email sent to Nigerian customers, the decision was because of the current regulatory conditions in Nigeria.
Nigerian Customers are advised to withdraw all funds from their OKX accounts on or before August 16, 2024.
Since the start of the year, Nigerian regulators have been clamping down on crypto exchanges operating in the country with concerns about foreign exchange manipulations and tax evasion. As a result, some exchanges have closed their doors to Nigerian users including KuCoin and Binance.
We are discontinuing OKX services in Nigeria after recent changes in local laws and regulations. This is based on our ongoing assessment of policies in each market we serve. From August 16, 2024, our customers will no longer be able to open any new positions or access any services on the platform, except withdrawals and closing/redemption of open positions. We request you to please review your account and complete the applicable steps by 12:00 am (PST) on August 16, 2024.
OKX email to its Nigerian customers.
In May, OKX ended its peer-to-peer (p2p) feature for its Nigerian users, removing the Naira from its platform at the peak of the crypto clampdown in Nigeria.
Hi there, trading in Naira is no longer available on our platform due to a change in local market requirements. However, we want to assure you that you can still engage in P2P trading using other currencies.
OKX post on X
