BY: CHIOMA MADONNA NDUKWU
Cryptocurrency exchange OKX has announced it will discontinue its services in Nigeria due to recent changes in local laws and regulations.
This decision follows an ongoing assessment of the policies in the markets it serves, as stated by OKX on Wednesday. Effective August 16, 2024, users will no longer be able to open new positions or access services on the platform, except for withdrawals and the closure or redemption of open positions.
The company has emphasized that while funds will remain secure and accessible, users are encouraged to withdraw their assets to private wallets or third-party accounts by August 30, 2024, 12:00 am PST. Post this date, account-related actions will require contacting customer service, with remaining balances potentially facing further restrictions in line with OKX’s Terms of Service and local laws.
This move underscores the impact of evolving regulatory environments on global cryptocurrency operations, marking a significant shift for Nigerian users of the OKX platform.
