OKX, a major global cryptocurrency exchange platform, has decided to discontinue its services in Nigeria. This move comes amid a increased regulatory scrutiny in the country.
Starting August 16, 2024, Nigerian users will no longer be able to initiate new transactions or access other services provided by OKX. This decision marks a significant shift in the cryptocurrency space in Nigeria, where digital currencies have been a booming sector despite regulatory challenges.
Immediate steps for OKX users
On July 17, 2024, at approximately 02:30 pm Nigerian time, OKX emailed this critical change to its Nigerian customers.
This message details the timeline and procedures for the gradual discontinuation of services, marking a sober end for OKX in one of Africa’s largest markets. The exchange’s exit from Nigeria is part of a broader pattern of withdrawal by cryptocurrency services from regions with strict regulatory frameworks.
The timeline has been communicated to be effective immediately: starting August 16, Nigerian users will not be able to open new trades or use any services offered by OKX.
The only options available are to withdraw funds or close any open positions. OKX has urged its users to complete their trading activities, including futures, margin, perpetual, P2P and options positions/orders, before 12:00 am (Pacific Standard Time) on the specified date.
In addition, customers are advised to redeem all assets from OKX financial products such as Earn, Loan, and Jumpstart and transfer the remaining assets to a different wallet.
The final cut to withdraw funds from the platform is August 30, 2024. After this date, if anyone still has funds remaining on the exchange, they will need to contact OKX support directly to recover their assets.
User reactions
OKX's decision to exit the Nigerian market has sparked mixed reactions among its users. Some express their disappointment and share their concerns about the abrupt stop of service on social platforms like X, where screenshots of the email announcement have been widely circulated.
OKX’s decision to discontinue its service in Nigeria is a huge disappointment.
This government just wants to take food off our tables, but we will not panic. image.twitter.com/xQjmd4JPo6
– Rey.sol 🇶🇦 (@teddi_speaks) July 17, 2024
Others point to alternative platforms like Bitget, which continues to offer decentralized services in Nigeria, as viable options.
#Market APP jumped into the top 5 after #OKX has left the Nigerian market, showing how quickly the cryptocurrency exchange scene can change with new regulations and competition. image.twitter.com/B7D0Gw378t
— CryptoPunker (@Crypto_Fans_ETH) July 18, 2024
OKX's withdrawal follows a growing trend of cryptocurrency exchanges pulling out of Nigeria. In particular, Binance ceased operations Earlier this year, after accusations of money laundering and tax evasionwhich eventually led to its ban in April.
Featured image created with DALL-E, chart by TradingView
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