OKX Ceases Operations In Nigeria Amid Regulatory Shifts
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According to reports, Crypto exchange OKX is stopping its services in Nigeria because of new local rules. This surprising news came after months of slowly cutting back services, which will end entirely by mid-August.
In the email delivered to customers in Nigeria on July 17, the cryptocurrency exchange stated that all services would stop by August 16. After that date, customers can only use the platform to take out their money or close their trades. This means the exchange will completely stop operating in the country.
Starting On August 16, Customers Can Only Take Out Their Funds
OKX stopped naira withdrawals in May this year because of worries about the rules. This happened while the Nigerian government accused Binance, a competitor, of money laundering and tax evasion.
The government also blocked major central exchanges, so Binance stopped its naira services and gave users a little time to take out their money or change it to stablecoins in dollars.
Nigeria’s Economic and Financial Crimes Commission looked even closer at Binance despite these actions. The organization asked Binance to provide information about everyone using the trading platform. This is part of a bigger plan to watch and control cryptocurrency activities in the country.
Earlier this year, the situation worsened when Nigerian authorities detained Binance executives Tigran Gambaryan and Nadeem Anjarwalla in February 2024. This case has caught the attention of US lawmakers and could strain diplomatic relations between the United States and Nigeria.
OKX Ends Operations In Hong Kong
In May, OKX pulled its license application to offer virtual asset services in Hong Kong and said it would stop centralized crypto trading services for users there. The firm announced that it would end these trading services for Hong Kong residents by the end of May.
However, the exchange assured users that their assets were safe and unaffected. The firm said that withdrawing the license application resulted from a review of its business strategy. Hong Kong users were given until August 31, 2024, to withdraw their assets from OKX accounts.
OKX is a global crypto exchange and Web3 services firm. It has offices in Silicon Valley, the UAE, Singapore, and the Bahamas. Its companies run OKX’s exchange services based in Seychelles and the Bahamas.
OKX provides Web3 services in the United States and has an office in Silicon Valley but doesn’t offer exchange services there. The exchange provides basic trading like spot and simple options and derivatives like options, perpetual swaps, futures, and margins.
