OKX Announces It Is Leaving Nigeria

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On July 17, OKX announced in an email to clients in Nigeria that it would be exiting the country and discontinuing its services for Nigerian customers. The exchange stated that recent changes in local laws and regulations were the main reason for this decision.

A deadline of August 16, 2024 was given for users to access any features on the platform, after which they will only be able to withdraw funds or close their positions. In May 2024, OKX had already suspended Naira withdrawals, citing concerns about regulations.

This came after the Nigerian government accused Binance of manipulating fiat currency, engaging in money laundering, and evading taxes earlier in the year.

As a result, the government blocked access to major centralized exchanges. In response, Binance also stopped offering Naira services in Nigeria and gave users a limited time to withdraw funds or convert them into dollar-based stablecoins.