OKX has announced in an email to all its subscribers that they plan to stop their exchange services in Nigeria, as they explained, due to changes in local laws and regulations.
The global cryptocurrency and derivatives exchange just released a directive stating that it will stop offering services on August 16, 2024.
The directive further instructed all their customers to review their respective accounts and carefully follow the following guidelines.
- Close any P2P, margin, perpetual, futures, options positions, and orders.
- Close any USDT, DAI, and EURT spot orders.
- Redeem all assets from Grow products, including Earn, Loan, and Jumpstart.
- Transfer assets out of your OKX account to a wallet of your choice.
A part of the directive issued reads: “We strongly encourage you to withdraw or transfer funds before this date, as remaining balances may be subject to further restrictions by our Terms of Service and local laws.”
As noted, before the said date, all funds in OKX accounts were still secured and accounted for.
However, starting on August 16, customers will be restricted from transferring or depositing funds into accounts.
Global crypto exchanges like OKX and KuCoin face strict regulations in Nigeria, including 7.5% VAT and 0.1% transaction charges. In May 2024, KuCoin suspended all peer-to-peer Nigerian naira and Fast Buy services, while Binance discontinued all Nigerian naira services in March 2024 and faced legal action over money laundering and tax evasion charges.
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