Bitrabo Editorial
OKX, a major global cryptocurrency exchange, will be discontinuing its services in Nigeria due to increasing regulatory scrutiny in the country.
Effective August 16, 2024, Nigerian users will no longer have access to trading or other services provided by OKX. This decision marks a significant change in Nigeria’s crypto landscape, where digital currencies have seen growth despite regulatory challenges.
Steps for OKX Users
On July 17, 2024, at around 02:30 PM Nigeria time, OKX informed its Nigerian customers via email about this decision.
The email outlined the timeline and procedures for the gradual cessation of services, marking the end of OKX’s presence in one of Africa’s key markets. The exit from Nigeria aligns with a broader trend of crypto services withdrawing from regions with strict regulations.
The timeline mandates immediate action: starting August 16, Nigerian users won’t be able to engage in new trades or utilize any OKX services.
Users are advised to withdraw funds, close any open positions, complete trading activities like P2P, margin, perpetual, futures positions/orders, and options by 12:00 am PST on the specified date.
Additionally, customers should redeem assets from OKX’s financial products like Earn, Loan, and Jumpstart and transfer any remaining assets to another wallet.
The deadline for fund withdrawals is August 30, 2024. After this date, users with remaining funds on the exchange must contact OKX support to recover their assets.
User Reactions
OKX’s decision to exit Nigeria has generated mixed responses from users. Some express disappointment and concerns over the sudden service halt on social media platforms, sharing screenshots of the email announcement widely.
OKX discontinuing their service in Nigeria is a big disappointment.
This govt just wants to take food from our table but we wont panic. pic.twitter.com/xQjmd4JPo6
— King.sol
(@teddi_speaks) July 17, 2024
Others are looking at alternative platforms like Bitget, which continues to provide decentralized services in Nigeria, as viable options.
#Bitget APP jumped to top 5 after #OKX left Nigeria market, showing how quickly the crypto exchange scene can change with new regulations and competition. pic.twitter.com/B7D0Gw378t
— CryptoPunker (@Crypto_Fans_ETH) July 18, 2024
OKX’s withdrawal follows the trend of crypto exchanges pulling out of Nigeria. Binance also ceased operations earlier this year amid allegations of money laundering and tax evasion, leading to its ban in April.
Featured image created with DALL-E, Chart from TradingView