OKX to Discontinue Services in Nigeria Amid Regulatory Changes
Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...
OKX, a prominent cryptocurrency exchange, has announced its decision to discontinue services in Nigeria, citing recent changes in local laws and regulations.
This move follows similar exits by other major exchanges, such as Binance and KuCoin, marking another major shift in the Nigerian crypto landscape.
The decision, which takes effect on August 16, 2024, is part of OKX’s ongoing assessment of its global operations in response to tightened regulatory environments against crypto companies.
The development has sparked concern within the Nigerian crypto community, particularly among the youth, who have heavily relied on digital currencies as a source of financial empowerment.
The Nigerian government’s tightening grip on cryptocurrency operations has led to the departure of several major exchanges from the country.
OKX is the latest to join the line, following in the footsteps of Binance and KuCoin, which also cited regulatory pressures as the reason for their exit.
In an email sent to its Nigerian users, OKX outlined the steps they must take before August 16, including closing open positions and withdrawing funds.
The exchange emphasized that users would only be able to withdraw assets after this date, and all other services would be discontinued.
This decision reflects the broader regulatory challenges cryptocurrency platforms face in Nigeria, where digital currencies have played a crucial role in providing financial inclusion and economic opportunities.
The government’s stance, however, seems to be in the opposite direction. It has
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