As the heat of crypto regulatory tensions in Nigeria climbs to a climax, OKX Nigeria is, unfortunately, saying goodbye to its operations in the country.
Starting from August 16th, Nigerian users won't be able to open new trades or access platform services.
Additionally, new sign-ups from Nigeria are currently not being accepted. Stay tuned for further updates on this developing situation.
OKX Bans Crypto Trading for Nigeria Users
The crypto exchange emailed all its Nigerian users, alerting them of its new decision to halt trading in the country.
“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. From August 16, 2024, our customers will no longer be able to open any new positions or access any services on the platform, except for withdrawals and closing/redemption of open positions,” the email said.
The crypto exchange is urging customers in Nigeria to review their accounts and close all open positions before 12:00 a.m. (PST) on August 16, 2024.
OKX ceasing all services in Nigeria by end of August https://t.co/lD6e02V7la
— The Block (@TheBlock__) July 18, 2024
Moreover, it has provided a checklist of what users can do to ensure they are on the safe side.
Next Steps for Nigerian Users
If you are an OKX customer from Nigeria, the crypto exchange provides a guideline of steps to take.
First, OKX tells customers to end any P2P, margin, perpetual, futures, options positions, and orders. Furthermore, they should also look at their spot orders and close any USDT, DAI, and EURT positions.
From now until 16 August, they are also allowed to redeem all assets from Grow products, including Earn, Loan, and Jumpstart.
Lastly, once they have reviewed all the previous steps, they can transfer all assets to another wallet.
What happens if a customer misses the August 16th deadline?
Well, OKX states they will only have the withdrawal option, as there will be no deposit option.
“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,” they added. Moreover, after August 30th, users can only meet customer service teams for any account-related actions.
Nigeria Crypto Ban and Fight Against Exchanges
Over the past few months, the Nigerian government has been on a mission to crack down on crypto exchanges. This crackdown commenced with the arrest of Binance officials earlier this year.
The largest crypto exchange was allegedly accused of money laundering and tax evasion in February, leading to a complete ban in April.
Moreover, other popular crypto exchanges, such as Coinbase, are also banned in the country.
According to the Nigerian government, the crypto ban is one measure to help strengthen the country's local currency, the Naira.
Before OKX decided to stop operating completely in the country, its P2P market was restricted.
At the moment, Nigerian users can't sign up for the crypto exchange.
Nevertheless, many Nigerian crypto users believe that the fight against crypto in the country will fail. However, only time will tell.