Countdown to Closure: OKX to Cease Crypto Services in Nigeria by August

Source Bitcoinist

OKX, a prominent global cryptocurrency exchange, has decided to discontinue services in Nigeria. This move comes amidst a backdrop of increasing regulatory scrutiny in the country.

Starting from August 16, 2024, Nigerian users will no longer be able to initiate new trades or access other services provided by OKX. This decision marks a significant shift in the crypto space within 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 Nigeria time, OKX emailed this pivotal change to its Nigerian customers.

OKX message sent to email concerning exit from Nigeria

This message detailed the timeline and procedures for the gradual discontinuation of services, marking a sober final note on OKX in one of Africa’s big markets. The exchange’s exit from Nigeria is part of a broader withdrawal pattern by crypto services from regions with stringent regulatory frameworks.

The timeline has been communicated to be effectively immediate: from the 16th of August, Nigerian users will not be able to open new trades or use any services offered by OKX.

The only options available are withdrawing funds or closing any open positions. OKX has urged its users to complete their trading activities, including P2P, margin, perpetual, futures positions/orders and options before 12:00 am PST on the specified date.

Furthermore, customers are advised to redeem all assets from OKX’s financial products such as Earn, Loan, and Jumpstart, and transfer any remaining assets to a different wallet.

The final cutoff for withdrawing funds from the platform is August 30, 2024. Post this date, if anyone still has any funds left on the exchange, they will have to contact OKX support directly to recover their assets.

User Reactions

The decision by OKX to exit the Nigerian market has elicited mixed reactions among its users. Some express disappointment, sharing their concerns over the abrupt service halt on social platforms like X, where screenshots of the email announcement have circulated widely.

Others point towards alternative platforms like Bitget, which continues to offer decentralized services in Nigeria, as viable options.

OKX’s withdrawal follows a growing trend of crypto exchanges pulling out from Nigeria. Notably, Binance ceased its operations earlier this year following accusations of money laundering and tax evasion, eventually leading to its ban in April.

The global crypto market cap on TradingView

Featured image created with DALL-E, Chart from TradingView

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
USD/JPY rises above 143.00 as Japanese Yen underperforms across the boardThe USD/JPY pair is up 0.25% to near 143.10 during European trading hours on Thursday. The pair trades firmly as the Japanese Yen (JPY) underperforms across the board.
Author  FXStreet
9 hours ago
The USD/JPY pair is up 0.25% to near 143.10 during European trading hours on Thursday. The pair trades firmly as the Japanese Yen (JPY) underperforms across the board.
placeholder
AUD/USD returns above 0.6500 amid broad-based USD weaknessThe Australian Dollar is trading higher for the second consecutive day on Thursday as US Dollar weakness offsets the impact of the downbeat Australian GDP figures seen on Wednesday, pushing the pair to one-week highs above 0.6500.
Author  FXStreet
10 hours ago
The Australian Dollar is trading higher for the second consecutive day on Thursday as US Dollar weakness offsets the impact of the downbeat Australian GDP figures seen on Wednesday, pushing the pair to one-week highs above 0.6500.
placeholder
Dogecoin Price Crash Below $0.2: 4H Order Block Shows Exactly What’s HappeningFollowing the Bitcoin price sweep down below the $104,000 level over the weekend, the Dogecoin price was pushed back down below $0.2 once again.
Author  NewsBTC
10 hours ago
Following the Bitcoin price sweep down below the $104,000 level over the weekend, the Dogecoin price was pushed back down below $0.2 once again.
placeholder
Trump has been trying to reach Xi for weeks, but China hasn't respondedDonald Trump says his connection with Xi Jinping should be enough to solve the US-China trade mess. But Xi hasn’t been taking his calls. For weeks, Trump tried reaching him and got nothing back.
Author  Cryptopolitan
10 hours ago
Donald Trump says his connection with Xi Jinping should be enough to solve the US-China trade mess. But Xi hasn’t been taking his calls. For weeks, Trump tried reaching him and got nothing back.
placeholder
US Dollar Index (DXY) remains depressed below 99.00 as recession fears returnThe US Dollar Index (DXY) is trading practically flat on Thursday, consolidating losses after a bearish reversal on Wednesday, as downbeat Services and employment data, coupled with the ongoing tariffs uncertainty, revived fears of an upcoming recession.
Author  FXStreet
10 hours ago
The US Dollar Index (DXY) is trading practically flat on Thursday, consolidating losses after a bearish reversal on Wednesday, as downbeat Services and employment data, coupled with the ongoing tariffs uncertainty, revived fears of an upcoming recession.
goTop
quote