BREAKING: Crypto exchange, OKX, to discontinue service in Nigeria

Cryptocurrency exchange, OKX, has announced plans to discontinue its service in Nigeria effective from August 16, 2024 as reported by Nairametrics.

The company disclosed this in an email message to its Nigerian users on Wednesday citing unfavourable policies by the Nigerian government.

With this, OKX has asked its Nigerian customers to withdraw their funds from the platform on or before the said date.

This development follows a similar action in March by Binance, whose executives are currently facing trial in Nigeria.

According to the company, from August 16, Nigerian customers will no longer be able to open any new account on the platform.

In the email to its Nigerian customers, a copy of which was seen by Nairametrics, the company wrote:

“We are discontinuing OKX services in Nigeria after recent changes in local laws and regulations. This is based on our ongoing assessment of policies in each market we serve.

“From August 16, 2024, our customers will no longer be able to open any new positions or access any services on the platform, with the exception of withdrawals and closing/redemption of open positions

“We request you to please review your account and complete applicable steps by 12:00 am (PST) on August 16, 2024.”