OKX crypto exchange exits Nigeria amid regulatory crackdown

Cryptocurrency exchange OKX has announced plans to discontinue its services in Nigeria effective from August 16, 2024, citing recent changes in local laws and regulations.

In an email message to its Nigerian users on Wednesday, OKX stated that this decision is based on its ongoing assessment of policies in the markets it serves. From the specified date, OKX Nigeria customers will no longer be able to open new positions or access any services on the platform, except for withdrawals and closing/redemption of open positions.

OKX has urged its Nigerian customers to review their accounts and complete the applicable steps by 12:00 am (PST) on August 16, 2024. These steps include closing any P2P, margin, perpetual, futures, and options positions and orders; closing any USDT, DAI, and EURT spot orders; redeeming all assets from Grow products; and transferring assets out of their OKX account to a wallet of their choice.

After August 16, 2024, users will only be able to withdraw their assets, as they will not be able to deposit or transact otherwise. OKX has stated that while users' funds remain secure and accessible in their accounts, they must withdraw them by August 30, 2024. After this date, users must contact OKX customer service teams for any account-related actions.

This development follows a similar action by Binance, another major cryptocurrency platform, which halted its peer-to-peer (P2P) function and discontinued Nigerian naira services earlier this year. Binance's executives in Nigeria are currently facing trial over money laundering and tax evasion charges.