Cryptocurrency exchange OKX has announced its decision to cease operations in Nigeria, effective August 16, 2024. The company cited unfavorable government policies as the primary reason for this move. OKX has instructed its Nigerian users to withdraw their funds before the specified date.
This development follows a similar action taken by Binance in March, whose executives are currently facing legal challenges in Nigeria. OKX has stated that from August 16, Nigerian customers will be unable to open new accounts or access services on the platform, except for withdrawals and closing existing positions.
The decision comes after OKX disabled its peer-to-peer (P2P) function for Nigerian users in May and removed the naira from its platform. This action was in response to increased regulatory pressure on cryptocurrency platforms by Nigerian authorities.
The Nigerian government has accused crypto exchanges of manipulating foreign exchange rates, contributing to the naira’s devaluation. This led to the arrest of two Binance officials in February, with one escaping custody and fleeing the country. Binance and its executives are now facing legal actions from both the Federal Inland Revenue Service and the Economic and Financial Crimes Commission on charges of tax evasion and money laundering.
These developments highlight the growing tensions between cryptocurrency platforms and Nigerian regulators, potentially reshaping the country’s digital currency landscape.
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