In a significant move, cryptocurrency exchange OKX has announced its decision to halt operations in Nigeria, citing recent changes in local laws and regulations. This announcement was made in a statement sent directly to its users on Wednesday.
The statement outlined that the decision was part of OKX’s ongoing assessment of policies in the markets it serves. “We are discontinuing OKX services in Nigeria after recent changes in local laws and regulations,” the company stated.
Effective August 16, 2024, OKX customers in Nigeria will no longer be able to open new positions or access any services on the platform, except for withdrawals and the closing or redemption of open positions. OKX has asked its users to review their accounts and provided detailed steps to retrieve their assets.
“From August 16, users will only be able to withdraw their assets; they will not be able to deposit or transact otherwise,” the statement read. The company assured its users that their funds remain secure and accessible in their accounts, but strongly encouraged them to withdraw their assets to private wallets or other third-party platforms by 12:00 am (PST) on August 30, 2024.
