Nigerian Crypto Users Face Deadline as OKX Exits Market

In a surprising move, cryptocurrency exchange OKX announced it would be discontinuing all services in Nigeria, citing “recent changes in local laws and regulations.” This decision follows OKX’s suspension of Naira withdrawals in May 2024, which coincided with the Nigerian government’s accusations against another major exchange, Binance, regarding alleged currency manipulation, money laundering, and tax evasion schemes.

The announcement, delivered via email to Nigerian users, outlined a strict timeline for account closure and fund withdrawal. Effective August 16, 2024, users will no longer be able to open new positions or access any services beyond withdrawing existing holdings and closing any open positions. OKX urged users to complete the following actions by August 16th PST:

• Close all active positions and orders across various trading products like P2P, margin, perpetual contracts, futures, and options.
• Close any outstanding spot orders involving Tether (USDT), Dai (DAI), and Euro Tether (EURT).
• Redeem all assets from OKX’s “Grow” products, including Earn, Loan, and Jumpstart.
• Most importantly, transfer all remaining assets out of their OKX accounts to a private wallet or another exchange platform.

While account closure takes effect on August 16th, users have until August 30th, 2024, to withdraw their funds. OKX emphasized the importance of this deadline, as accounts with remaining balances after August 30th may face additional restrictions based on the company’s Terms of Service and evolving local regulations. The announcement concluded by encouraging users to contact OKX’s support team for any questions or assistance with the closure process.

This move by OKX signals a growing concern among cryptocurrency exchanges regarding Nigeria’s regulatory environment for digital assets. The lack of clear regulations and recent actions against other exchanges have created an uncertain landscape for companies operating in the Nigerian market. It remains to be seen how this development will impact the wider cryptocurrency adoption and trading activity within Nigeria.

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