{"id":433779,"date":"2024-07-17T20:30:39","date_gmt":"2024-07-17T19:30:39","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=433779"},"modified":"2024-07-17T20:01:45","modified_gmt":"2024-07-17T19:01:45","slug":"okx-to-exit-nigeria-amid-regulatory-hurdles-sets-august-deadline-for-users","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/okx-to-exit-nigeria-amid-regulatory-hurdles-sets-august-deadline-for-users\/","title":{"rendered":"OKX to exit Nigeria amid regulatory hurdles, sets August deadline for users"},"content":{"rendered":"<p>Crypto exchange <a href=\"https:\/\/cryptoslate.com\/companies\/okx\/\">OKX<\/a> 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.<\/p>\n<p>In a July 17 email statement obtained by <em>CryptoSlate<\/em>, 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.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>It <a href=\"https:\/\/x.com\/OKXHelpDesk\/status\/1813595146308710409\">stated<\/a>:<\/p>\n<blockquote><p>&#8220;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!&#8221;<\/p><\/blockquote>\n<p>The decision follows OKX's removal of <a href=\"https:\/\/cryptoslate.com\/nigeria-poised-to-outlaw-p2p-crypto-trading-over-national-security-concerns\/\">peer-to-peer<\/a> services for Nigerian users and the removal of the local fiat currency, the Nigerian naira (NGN), from its platform in May.<\/p>\n<p>OKX has yet to respond to <em>CryptoSlate's<\/em> request for additional commentary as of press time.<\/p>\n<h2>Crypto exchanges challenges in Nigeria<\/h2>\n<p>OKX's decision follows the recent crackdown on crypto platforms in Nigeria.<\/p>\n<p>Earlier this month, KuCoin <a href=\"https:\/\/cryptoslate.com\/kucoin-to-enforce-7-5-vat-on-nigerian-trades-amid-regulatory-changes\/\">notified its Nigerian users<\/a> of a 7.5% value-added tax (VAT) on all transactions. <a href=\"https:\/\/cryptoslate.com\/companies\/kucoin\/\">KuCoin<\/a> cited a regulatory update in Nigeria as the reason for this change.<\/p>\n<p>Furthermore, Binance faces legal action from Nigerian authorities for <a href=\"https:\/\/cryptoslate.com\/nigeria-drops-tax-evasion-charges-against-binance-execs\/\">money laundering and tax evasion<\/a>. One of the exchange executives, Tigran Gambaryan, is currently detained at the Kuje Correctional Centre in Abuja despite his <a href=\"https:\/\/cryptoslate.com\/binance-executive-gambaryan-faces-8-months-in-nigeria-custody-with-latest-trial-delay\/\">worsening health conditions<\/a> and <a href=\"https:\/\/cryptoslate.com\/us-congress-says-nigeria-wrongfully-detaining-binance-exec-to-extort-exchange-initiates-legislation-to-free-him\/\">increased international calls for his release.<\/a><\/p>\n<p>Meanwhile, the Nigerian authorities maintain that these actions are part of a <a href=\"https:\/\/cryptoslate.com\/nigeria-issues-30-day-deadline-for-crypto-firms-to-re-register-under-new-regime\/\">broader effort<\/a> to ensure compliance in the emerging industry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":433783,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,77968],"tags":[76820,77964],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>OKX to exit Nigeria amid regulatory hurdles, sets August deadline for users<\/title>\n<meta name=\"description\" content=\"Crypto exchange OKX leaves Nigerian market, sets August deadlines for fund withdrawals.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/okx-to-exit-nigeria-amid-regulatory-hurdles-sets-august-deadline-for-users\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OKX to exit Nigeria amid regulatory hurdles, sets August deadline for users\" \/>\n<meta property=\"og:description\" content=\"Crypto exchange OKX leaves Nigerian market, sets August deadlines for fund withdrawals.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/okx-to-exit-nigeria-amid-regulatory-hurdles-sets-august-deadline-for-users\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-17T19:30:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-17T19:01:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/07\/okx-nigeria.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/okx-to-exit-nigeria-amid-regulatory-hurdles-sets-august-deadline-for-users\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/okx-to-exit-nigeria-amid-regulatory-hurdles-sets-august-deadline-for-users\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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