OKX users are expected to close P2P, margin, futures, and options positions, redeem all assets from Grow products, and transfer all assets to a preferred wallet.
Popular crypto exchange OKX has announced its decision to exit the Nigerian market due to recent changes in local laws and a crackdown on digital asset services. This development is part of the broader regulatory challenges faced by crypto companies in Nigeria. The exchange has provided users with instructions as it winds down its local operations.
🚨 OKX will stop offering their services to Nigerian users from August 16th. pic.twitter.com/joHO2Fsxg6
— Crypto Coach 🧸📈💰 (@WisdomMatic) July 17, 2024
In an email dated July 17, OKX informed customers about the discontinuation of its services in Nigeria, citing an assessment of local policies. “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,” the email stated.
OKX Exits Nigeria
Starting August 16, OKX customers in Nigeria will no longer be able to open new trading positions or access other services. However, they will still be able to withdraw funds and close existing positions. The exchange advised Nigerian users to review their accounts and take necessary actions before August 16.
Users are instructed to close P2P, margin, futures, and options positions, redeem all assets from Grow products, and transfer all assets to a preferred wallet. After August 16, users will be allowed to make withdrawals but will be restricted from making deposits and related transactions.
“While your funds remain secure and accessible in your account, we highly encourage you to withdraw them to your private wallet or your accounts on other third-party platforms by 12:00 am (PST) on August 30, 2024. After August 30, users will have to contact customer service teams for account related actions,” the exchange said.
In May, OKX stopped its centralized crypto trading services in Hong Kong to meet regulatory requirements. The exchange told users not to deposit funds after May 31 and gave other guidelines.
The situation in Hong Kong is different from that in Nigeria, where strict local rules have led to bans on platforms like Binance and Coinbase. This year, the Nigerian government increased its crackdown on crypto trading services, linking them to the decline of the local currency.