Key Insights
- OKX announces discontinuation of services in Nigeria by August 16, 2024, citing recent changes in local laws and regulations.
- Users instructed to close all positions and withdraw assets by August 30, 2024, after which account actions will require customer service intervention.
LAGOS (MarketsXplora) – Cryptocurrency exchange OKX announced on Wednesday it will discontinue its services in Nigeria, citing recent changes in local laws and regulations. The move comes as part of the company’s ongoing assessment of policies in each market it serves.
In an email sent to Nigerian clients, OKX outlined a timeline for the cessation of its operations in the country. From August 16, 2024, customers will no longer be able to open new positions or access any services on the platform, with the exception of withdrawals and closing or redeeming open positions.
The exchange has requested its Nigerian users to review their accounts and complete several steps by 12:00 am (PST) on August 16, 2024. These steps include closing any P2P, margin, perpetual, futures, and options positions and orders, as well as closing any USDT, DAI, and EURT spot orders. Users are also instructed to redeem all assets from Grow products, including Earn, Loan, and Jumpstart, and to transfer their assets out of their OKX accounts to wallets of their choice.
After the August 16 deadline, users will only be able to withdraw their assets and will not be permitted to deposit or conduct any other transactions. OKX strongly encourages users to withdraw their funds to private wallets or accounts on other third-party platforms by 12:00 am (PST) on August 30, 2024.
The exchange warned that after August 30, 2024, users will need to contact customer service teams for any account-related actions. Remaining balances may be subject to further restrictions in accordance with OKX’s Terms of Service and local laws.
This development follows OKX’s closure of operations in India in March, which was also attributed to difficulties in operating under local regulations. The cryptocurrency industry in Nigeria has faced increasing scrutiny, with Binance, the world’s largest cryptocurrency exchange, recently discontinuing all services involving Nigeria’s naira currency amid an escalating regulatory clash in Africa’s largest economy.