Wednesday, July 30, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

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

Simon Osuji by Simon Osuji
July 18, 2024
in Crypto
0
OKX to exit Nigeria amid regulatory hurdles, sets August deadline for users
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

Crypto exchange OKX has informed Nigerian clients that they have until Aug. 16 to close their positions, as it is ceasing operations in the African country due to local regulations.

In a July 17 email statement obtained by CryptoSlate, OKX informed users they would no longer be able to open new positions or access any services on the platform, except for withdrawals and closing existing positions.

OKX assured users that their funds remain secure and accessible. However, they must withdraw these funds by Aug. 30, 2024. After this deadline, users will have to contact customer service for account-related actions.

The announcement has caused concern among Nigerian crypto users, who have voiced their frustrations on social media platform X. OKXHelpDesk responded by stating the platform cannot provide know-your-customer (KYC) services for Nigerian users.

It stated:

“Hi there, we are currently unable to offer KYC verification services for Nigeria. Any updates regarding licensing will be shared on our official channels. Please stay connected with us for any future announcements on this matter, thank you!”

The decision follows OKX’s removal of peer-to-peer services for Nigerian users and the removal of the local fiat currency, the Nigerian naira (NGN), from its platform in May.

OKX has yet to respond to CryptoSlate’s request for additional commentary as of press time.

Crypto exchanges challenges in Nigeria

OKX’s decision follows the recent crackdown on crypto platforms in Nigeria.

Earlier this month, KuCoin notified its Nigerian users of a 7.5% value-added tax (VAT) on all transactions. KuCoin cited a regulatory update in Nigeria as the reason for this change.

Furthermore, Binance faces legal action from Nigerian authorities for money laundering and tax evasion. One of the exchange executives, Tigran Gambaryan, is currently detained at the Kuje Correctional Centre in Abuja despite his worsening health conditions and increased international calls for his release.

Meanwhile, the Nigerian authorities maintain that these actions are part of a broader effort to ensure compliance in the emerging industry.

Mentioned in this article

Source link

Related posts

High yields, hidden hazards? The truth about staking in crypto

Ethereum at 10 and what’s next

July 30, 2025
MARA Holdings Beats Q2 Expectations With Record Revenue Jump

MARA Holdings Beats Q2 Expectations With Record Revenue Jump

July 30, 2025
Previous Post

Concepts expected soon for NATO’s next-gen rotorcraft

Next Post

Arcep renews Airtel Chad’s licence, with added QoS requirements

Next Post
Arcep renews Airtel Chad’s licence, with added QoS requirements

Arcep renews Airtel Chad's licence, with added QoS requirements

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Tim Gurner Was Debunked by an Economist in 1943

Tim Gurner Was Debunked by an Economist in 1943

2 years ago
Houston to host key hydrogen summit as industry faces new political landscape

Houston to host key hydrogen summit as industry faces new political landscape

8 months ago
OPEC oil output falls in December on UAE and Iran, survey finds

OPEC oil output falls in December on UAE and Iran, survey finds

7 months ago
Meesho taps micro-entrepreneurs to plug gaps in India’s supply chain network

Meesho taps micro-entrepreneurs to plug gaps in India’s supply chain network

1 year ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • The world’s top 10 most valuable car brands in 2025

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • Top 10 African countries with the highest GDP per capita in 2025

    0 shares
    Share 0 Tweet 0
  • Global ranking of Top 5 smartphone brands in Q3, 2024

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.