As of August 30, leading cryptocurrency exchange OKX has announced the discontinuation of its services in Nigeria. The decision was made in response to recent regulatory changes in the country. Nigerian users have until August 30 to withdraw their assets from the exchange, as any remaining balances on the platform will become subject to restrictions thereafter. Starting from August 16, OKX’s Nigeria customers will no longer be able to open new positions, accounts, or access services on the platform. They can only withdraw their assets and close or redeem open positions.
OKX has instructed affected users to review their accounts and complete several steps by 12:00 am PST on August 16. These steps include closing peer-to-peer (P2P), margin, perpetual, futures, and options positions, closing spot orders, redeeming assets from all OKX products, and moving assets to external wallets. Users who fail to transfer their assets by August 16 must do so by 12:00 am PST on August 30. After August 30, users will have to reach out to OKX’s customer service teams for any account-related actions.
The decision to end services in Nigeria comes after OKX removed the Nigerian naira from its P2P platform two months prior due to regulatory challenges. Since the beginning of the year, crypto exchanges in Nigeria have faced a difficult regulatory environment, with the government aiming to prevent further devaluation of the naira. While OKX is exiting the Nigerian market, other platforms like KuCoin have made adjustments to continue operations in the country. KuCoin recently announced that it would be deducting a 7.5% value-added tax from transaction fees for Nigerian users and halted its P2P services for the naira in May.
OKX has also ceased its operations in India in March due to the country’s crackdown on digital asset platforms. The exchange’s decision to discontinue services in multiple countries is reflective of the challenges that cryptocurrency exchanges face in navigating regulatory environments worldwide. Despite these challenges, the cryptocurrency industry continues to evolve, with some platforms adapting their business models to comply with regulations and remain operational. Users in Nigeria who are affected by OKX’s withdrawal from the market are advised to withdraw or transfer their funds before August 30 to avoid potential restrictions on their remaining balances.
