As a long-term crypto investor with extensive experience in the industry, I have seen my fair share of regulatory challenges and changes in the digital asset market. The recent announcement from OKX regarding the discontinuation of their services in Nigeria is disappointing but not entirely unexpected given the country’s ongoing regulatory hurdles.
As a crypto market analyst, I’d put it this way: OKX, a prominent cryptocurrency exchange, has communicated its intention to withdraw services from Nigeria. The reason given is the implementation of new regulatory measures.
Based on the emails received by OKX’s Nigerian clients, it has been communicated that users must complete their asset withdrawals by August 30. After this date, any remaining balances on the platform will be subject to limitations.
OKX Ends Services in Nigeria
Starting August 16, OKX’s users in Nigeria will no longer be able to create new accounts, open fresh positions, or use other platform services. However, they can still withdraw their assets and close or settle any existing open positions.
Affected users of the exchange have been requested to scrutinize their accounts and carry out certain procedures prior to August 16, 12:00 am PST. These tasks include:
Users who fail to transfer their assets by August 16 must do so by 12:00 am PST on August 30.
Starting from August 30, 2024, it will be necessary for you to contact our customer service teams for any account actions. We highly recommend taking care of any fund withdrawals or transfers before this date, as afterward, your remaining balances may face additional restrictions in accordance with our Terms of Service and local regulations.
Nigeria’s Crypto Regulatory Hurdles
Two months after OKX discontinued support for Nigeria’s naira on its peer-to-peer (P2P) trading platform due to regulatory issues, the exchange has now announced it will cease operations in the country altogether. The Nigerian authorities have been taking a hardline stance against cryptocurrencies this year, aiming to prevent additional depreciation of the national currency, which is already experiencing significant pressure.
As a researcher studying the cryptocurrency trading landscape, I’ve observed that while OKX is deciding to wind down its operations in Nigeria, other platforms like KuCoin have adopted measures to keep functioning in the country. Specifically, KuCoin announced this month that they will subtract a 7.5% value-added tax from transaction fees for their Nigerian users. Additionally, they temporarily suspended their P2P naira services back in May.
In addition to Nigeria, OKX has also ceased operations in another country. Specifically, this action was taken in India back in March as part of that nation’s intensified efforts to regulate digital asset exchanges.
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2024-07-18 09:08