As a long-term crypto investor with a significant portion of my portfolio allocated to Nigerian markets, I can’t help but feel a sense of disappointment and frustration upon hearing about OKX’s decision to leave Nigeria. This isn’t an unfamiliar situation for me; I’ve seen numerous exchanges come and go from the Nigerian market due to regulatory issues.
Crypto platform OKX has declared its intention to leave the Nigerian market, attributing the decision to stringent local regulations following a crackdown on digital asset services in the country. This withdrawal comes as part of the persistent regulatory challenges confronted by cryptocurrency businesses in Nigeria. Users have been advised accordingly as OKX’s local operations are being terminated.
OKX Is Leaving Nigeria
In a July 17th email to its clients, OKX announced that due to local policies, they would be discontinuing their services in Nigeria starting August 16th. After this date, new trading positions cannot be opened, but users can still withdraw their funds and close any existing positions.
“Effective immediately, OKX will no longer offer its services in Nigeria due to new legal and regulatory requirements. Our decision is part of our continuous effort to ensure compliance with the specific laws and regulations of every market we operate in.”
The exchange further highlighted steps for Nigerian users to review accounts before Aug 16.
This is a developing story.
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2024-07-17 17:06