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
Ark Invest’s Cathie Wood Predicts Bitcoin To Hit $1.5 Million By 2030 — Here’s WhyCathie Wood, the CEO of asset management firm Ark Invest, has backed Bitcoin (BTC) to achieve a $1.5 million price point by 2030.
Author  Bitcoinist
May 19, Mon
Cathie Wood, the CEO of asset management firm Ark Invest, has backed Bitcoin (BTC) to achieve a $1.5 million price point by 2030.
placeholder
Gold price struggles to lure buyers as easing Middle East tensions offsets weaker USDGold price (XAU/USD) is trading higher during the Asian session on Wednesday and looking to build on the previous day's modest bounce from sub-$3,300 levels, or over a two-week low.
Author  FXStreet
Jun 25, Wed
Gold price (XAU/USD) is trading higher during the Asian session on Wednesday and looking to build on the previous day's modest bounce from sub-$3,300 levels, or over a two-week low.
placeholder
Solana (SOL) Breakout Watch: Price Could Rally Hard Above $150 Level?Solana started a fresh increase from the $125 zone. SOL price is now consolidating gains and aims for more gains above the $150 level.
Author  NewsBTC
Jun 25, Wed
Solana started a fresh increase from the $125 zone. SOL price is now consolidating gains and aims for more gains above the $150 level.
placeholder
Coinbase Hits New All-Time High — Outpaces Bitcoin with 38% Monthly SurgeCoinbase (COIN), the largest U.S.-based crypto exchange, has soared more than 38% over the past month, breaking its previous all-time high set in November 2021.
Author  TradingKey
Jun 27, Fri
Coinbase (COIN), the largest U.S.-based crypto exchange, has soared more than 38% over the past month, breaking its previous all-time high set in November 2021.
placeholder
Gold price declines to fresh two-week low, further below $3,300 ahead of US PCE dataGold price (XAU/USD) attracts fresh sellers following the previous day's directionless price move and slides back below the $3,300 mark during the Asian session on Friday.
Author  FXStreet
Jun 27, Fri
Gold price (XAU/USD) attracts fresh sellers following the previous day's directionless price move and slides back below the $3,300 mark during the Asian session on Friday.
goTop
quote