OKX Crypto Exchange Will Stop Its Services in Nigeria

From August 16, 2024, Nigerian users won't be able to open any new trades or use any other platform services.

OKX crypto exchange will no longer be offering its services in Nigeria. The last day for opening new trades or using any platform services will be August 16, 2024. After this date, Nigerian users will only be able to withdraw their funds or close their open positions.

A full shut down of services will take place on August 30. At this point, any remaining funds in OKX user accounts will need to be retrieved by contacting customer support.

This news comes just hours after another report surfaced on Twitter, indicating that the Nigerian government had already blocked new sign-ups for OKX. The P2P market was initially restricted, followed by a complete halt on new sign-ups. According to the tweet, the government seems to be unaware that the fight they are trying to fight is one they can never win.

Based on comments from the Nigerian crypto community, it appears that despite government restrictions on crypto, citizens are well-informed about its potential. Nigeria is not alone in taking such measures against crypto; many other countries have also banned crypto, claiming it is detrimental to the local economy. In contrast, crypto is gaining more ground in the US, particularly with the upcoming elections.

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