Nigeria: OKX to Cease Operations in Nigeria from August 16, 2024

OKX, a prominent cryptocurrency exchange, has announced that it will discontinue its services in Nigeria starting August 16, 2024. The exchange has urged its users to review their accounts and complete necessary actions before this date.

OKX outlined four essential steps for users:

1. Close any P2P, margin, perpetual, futures, and options positions and orders.
2. Close any USDT, DAI, and EURT spot orders.
3. Redeem all assets from Grow products, including Earn, Loan, and Jumpstart.
4. Transfer assets out of your OKX account to a wallet of your choice.

Post August 16, 2024, users will be unable to make deposits or conduct transactions on the platform. However, OKX assured that users’ funds would remain secure and accessible within their accounts. Users must withdraw their funds by August 30, 2024. After this deadline, users will need to contact OKX customer service for any account-related actions.

“We strongly encourage you to withdraw or transfer funds before this date, as remaining balances may be subject to further restrictions in accordance with our Terms of Service along with local laws,” OKX stated.

OKX’s exit is part of a broader trend affecting global crypto exchanges in Nigeria. Two weeks ago, KuCoin informed its Nigerian users about the implementation of a 7.5% value-added tax (VAT) on top of a 0.1% transaction fee for several transactions. This move aligns with recent regulatory updates in Nigeria.

In May 2024, KuCoin suspended all peer-to-peer (P2P) Nigerian naira (NGN) services and Fast Buy services using naira cards, as part of its compliance efforts.

Binance, another major player in the crypto market, has also faced regulatory challenges in Nigeria. In March 2024, Binance halted all Nigerian naira services and is currently embroiled in legal issues with Nigerian authorities over allegations of money laundering and tax evasion. One of its executives, Tigran Gambaryan, is detained in Kuje correctional centre in Abuja.