OKX to exit Nigeria amid regulatory hurdles, sets August deadline for users

Crypto speech OKX has informed Nigerian clients that they person until Aug. 16 to adjacent their positions, arsenic it is ceasing operations successful the African state owed to section regulations.

In a July 17 email connection obtained by CryptoSlate, OKX informed users they would nary longer beryllium capable to unfastened caller positions oregon entree immoderate services connected the platform, but for withdrawals and closing existing positions.

OKX assured users that their funds stay unafraid and accessible. However, they indispensable retreat these funds by Aug. 30, 2024. After this deadline, users volition person to interaction lawsuit work for account-related actions.

The announcement has caused interest among Nigerian crypto users, who person voiced their frustrations connected societal media level X. OKXHelpDesk responded by stating the level cannot supply know-your-customer (KYC) services for Nigerian users.

It stated:

“Hi there, we are presently incapable to connection KYC verification services for Nigeria. Any updates regarding licensing volition beryllium shared connected our authoritative channels. Please enactment connected with america for immoderate aboriginal announcements connected this matter, convey you!”

The determination follows OKX’s removal of peer-to-peer services for Nigerian users and the removal of the section fiat currency, the Nigerian naira (NGN), from its level successful May.

OKX has yet to respond to CryptoSlate’s petition for further commentary arsenic of property time.

Crypto exchanges challenges successful Nigeria

OKX’s determination follows the caller crackdown connected crypto platforms successful Nigeria.

Earlier this month, KuCoin notified its Nigerian users of a 7.5% value-added taxation (VAT) connected each transactions. KuCoin cited a regulatory update successful Nigeria arsenic the crushed for this change.

Furthermore, Binance faces ineligible enactment from Nigerian authorities for money laundering and taxation evasion. One of the speech executives, Tigran Gambaryan, is presently detained astatine the Kuje Correctional Centre successful Abuja contempt his worsening wellness conditions and increased planetary calls for his release.

Meanwhile, the Nigerian authorities support that these actions are portion of a broader effort to guarantee compliance successful the emerging industry.

The station OKX to exit Nigeria amid regulatory hurdles, sets August deadline for users appeared archetypal connected CryptoSlate.